Switching current accounts may soon come with a significant financial reward. TSB has announced a limited-time offer aimed at attracting new customers to its Spend and Save current account, providing up to £230 in total cash incentives for those who meet specific criteria.
The offer, which is structured in several parts, could benefit those seeking added value from their everyday banking. With the deadline for the initial switch set for March 20, 2026, eligible applicants will need to act within weeks to take full advantage of the available rewards.
Clear Conditions for Unlocking the Full £230 Bonus
According to TSB, the full amount of £230 is split into three distinct payments. The first and main incentive is a £150 switching bonus for those who fully move to a Spend and Save account using the Current Account Switch Service by 20 March 2026. To qualify, applicants must deposit at least £1,000 and complete five or more debit card transactions before the cut-off date.
The second part of the incentive (a £50 bonus) requires a further deposit of £1,000 into the same account in April 2026. This amount does not need to remain in the account. Once this deposit is made, TSB states it will issue the £50 payment by 31 May 2026.
The final component is a monthly cashback feature. Customers who make at least 20 debit card payments in a given month receive £5 cashback. For those who begin the process in January and consistently meet the payment requirement, this could amount to an extra £30 by the end of April.
Altogether, the offer amounts to a total reward of up to £230. According to reports, TSB has made it clear that anyone who previously received a switching bonus from the bank since October 2022 will not be eligible for the offer.
Switching Made Easier, but Not Automatic
As part of the incentive, TSB has underlined its efforts to simplify the account-switching process. According to the bank, new customers will receive assistance in moving over their account balance, closing their old account, and transferring all direct debits and standing orders.
In addition, the bank will copy over payee details and set up income redirects for salaries, pensions or benefits. Payments made to the old account will automatically be rerouted to the new one, which TSB says should reduce the risk of disruption during the transition.
Nonetheless, some aspects remain the customer’s responsibility. Users will need to manually update any payments linked to their debit card, including subscriptions and services like Apple Pay and Google Pay.
TSB’s Spend and Save account currently serves part of the bank’s five-million-strong UK customer base. The bank has framed the incentive as an option for consumers seeking better value from their day-to-day banking experience, though it remains a limited-time offer tied to specific usage requirements and dates.
