TSB introduces £190 switching bonus for new customers
- TSB introduces £190 switching bonus for new customers
- £100 is paid upfront and £90 to £120 comes in as cashback payments
- The money will arrive no later than October 25, once the conditions have been met
TSB is yet another bank trying to attract new customers by tempting them to switch bank accounts to a competitor.
The challenger has introduced a £190 switching bonus for new customers.
If you transfer your current account to a TSB current account, you will receive a £100 cash bonus.
The rest of the rewards are cashback payments. Customers can earn between £90 and £120 in cashback within the first year of opening the account.
New cash carrot: TSB has launched a switching bonus of up to £190 to entice new current account customers
Customers do have to put in some effort to get the cashback. The cashback is paid out in instalments of £15 per month, spread over six months to a year. Furthermore, the £100 is only paid out between 15 and 25 October.
We look at what TSB has to offer and what you need to do to receive the money.
How to Get £100 Cash in Advance
To receive the £100 cash, customers must switch to a TSB Spend & Save or Spend & Save Plus account via the Current Account Switch Service from today until the end of the offer.
TSB has not said when the offer will expire, but it is a limited time offer. The switch must be completed within 21 days of the request.
To receive the £100, customers must make a minimum of five payments of any value using their debit card into their new Spend & Save or Spend & Save Plus account once the account is opened.
Payments through Google or Apple Pay also count towards the five payments.
New customers must log in to the TSB Mobile Banking app at least once by September 27.
If these conditions are met, TSB will deposit £100 into the new account between 15 October and 25 October 2024.
This is a slow burner by the standards of other switching deals. For example, when Co-op launched its switching deal in June, it said the switching money would arrive within seven days of the switch being completed.
TSB triple cashback
In addition, for the first six months of an account, TSB is offering new customers three times the cashback, increasing the cashback offer from £5 to £15 per month.
New customers can earn a total of £90, of which £15 is per month.
For Spend & Save Plus accounts, the same cashback applies for the first six months, after which it drops to £5 cashback per month.
This means that customers can receive a total of £120 in the first year of holding the account. The Spend & Save Plus account has a monthly fee of £3.
To receive the cashback, customers must first meet the switching requirements to receive the £100 cash bonus.
Then, for the first six months the account is open, they must make 20 payments of any value each month using their debit card or Google Pay or Apple Pay.
TSB has announced a host of other rewards for new customers who meet the £100 payment requirements.
Customers will be offered a free reward if they make 20 or more payments with their new TSB debit card in March 2025. They will receive the reward in April 2025.
They can choose from a night away for two in a hotel, two Odeon cinema tickets per month for 3 months or a 6-month Now TV Entertainment subscription (this normally costs £6.99 per month).
Andrew Hagger, founder of MoneyComms, said: ‘For banks, it’s important to know how many customers actually stay for a long time. There will undoubtedly be someone who will jump on the next free cash offer as soon as possible.’
TSB is offering £15 cashback per month for six months, provided switchers make five or more purchases with their TSB debit card in their first month. It’s a sign the bank is trying to retain customers so they don’t simply run off with the money.
When Co-op launched its switching deal, it chose to spread the cash bonus over five months if customers paid £1,000 into their current account each month. This was to prevent customers from taking the money and chasing the next highest bonus.
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