TSB customers now have the opportunity to access an enhanced bonus offer that includes both an upfront reward and additional cashback options. According to Birmingham Mail, this updated deal presents a chance for some individuals to earn up to £210, surpassing the usual £150 incentive.
The offer is structured around an initial £150 bonus for switching accounts, paired with a series of cashback payments based on regular debit card usage. The following sections outline the specific conditions, criteria for eligibility, and how to maximize this offer effectively, ensuring customers can take full advantage of the available bonuses.
How the £150 Upfront Bonus and £210 Maxed-Out Deal Works
TSB’s bonus offer is divided into two parts. First, you get a £150 upfront bonus just for switching to a TSB Spend & Save account. This is an easy win as long as you meet the basic criteria, such as depositing £1,000 and making at least five debit card transactions within the first month of your switch.
But the real value comes with the stackable cashback offer, which allows you to earn additional rewards on top of the initial £150 bonus. According to Money Saving Expert, this cashback offer is £10 per month for the first three months (totalling £30), and £5 per month for the next six months (another £30). That means, when you combine the upfront bonus with the cashback rewards, the total value can reach up to £210—a significant upgrade from the usual £150.
It’s important to note that the cashback can only be earned by making regular debit card payments. Payments must clear within the same calendar month to count. To maximize the cashback, you should aim to make these payments early in the month so they have enough time to process.
Key Criteria and Conditions to Be Aware Of
To qualify for this offer, there are a few important conditions to meet. First, you must not have received a switch bonus from TSB since October 1, 2022. This is an eligibility requirement to prevent customers who have already switched in the recent past from taking advantage of this bonus.
Additionally, you’ll need to open a Spend & Save or Spend & Save Plus account either online, via the mobile app, or in-branch. Once your new account is open, you must complete the switch before December 9, and fulfill the following requirements:
- Deposit at least £1,000 into your TSB account.
- Make five debit card transactions within the first month.
- Log in to the TSB mobile app at least once.
Once these criteria are met, the £150 upfront bonus will be credited to your account within 28 days. The timing of your payments is also crucial for the cashback. As mentioned in the original details, you need to ensure that the payments clear within the calendar month for them to count towards the cashback totals.
Maximizing Cashback and Ensuring Eligibility
The cashback portion of the offer is where things get more detailed. For the first three months, you can earn £10 cashback each month, provided you make 20 payments on your debit card (including in-store purchases, online payments, and mobile wallet payments like Apple Pay and Google Pay).
After the first three months, the cashback drops to £5 per month for up to six months, giving you a total of £60 in cashback if you meet the transaction requirements.
However, there are a few rules about what counts as an eligible payment. ATM withdrawals and direct debits do not count towards your cashback. Only payments made with your debit card (or online purchases) qualify. Furthermore, remember that pending transactions do not count. Transactions must be fully processed before the end of the month to be counted.
With a Spend & Save Plus account, you can continue earning £5 cashback per month until you close the account or TSB withdraws the offer. This makes it an appealing long-term option for those who want to keep earning rewards for regular spending.
