TSB is currently promoting a limited-time switching incentive aimed at attracting new customers to its Spend & Save current account.
The offer allows individuals to receive up to £310 in combined rewards, structured through a mix of direct cash payments and optional lifestyle perks.
While the bank itself has revealed few details beyond the headline figures, financial outlets such as GB News and MoneySavingExpert have highlighted it as one of the most generous bank-switching deals currently available.
The reward does not require any minimum monthly deposit or regular income, making it accessible to a wide segment of potential switchers across the UK.
Full Breakdown of the £310 Offer
The total value of £310 is made up of £190 in direct free cash and £120 in lifestyle rewards.
The cash is distributed in two stages: new customers receive £100 once they have made five debit card payments and logged into the TSB mobile app by July 19, provided they use the Current Account Switch Service to transfer their existing account.
An additional £90 is available through six consecutive monthly rewards of £15 each, which are triggered by making at least 20 debit card purchases in each month.
The remaining £120 is awarded in December, provided the customer once again makes at least 20 debit card payments during that month. At this stage, switchers can choose between two non-cash rewards.
One option is a hotel voucher issued through Expedia’s Travel Credits platform. The voucher requires no minimum spend and can be used across a wide range of hotels. Notably, pricing on the credit platform matches Expedia’s main site, ensuring transparency and competitive rates.
Alternatively, customers can select a 12-month activity pass via the National Activities Network. This pass provides access to venues such as escape rooms, trampoline parks, and museums, among others.
However, it is valid for only one person, which may reduce its value for families or groups.
No Income Requirement and Smooth Switching
Eligibility for the offer depends on completing the switch using the official seven-working-day service, which ensures a seamless transfer.
This process includes the automatic transfer of Direct Debits and standing orders, the closure of the old account, and the redirection of all incoming payments, including wages and government benefits, to the new TSB account.
A standard credit check is required, but there is no minimum income threshold or regular deposit condition attached to the reward.
Linked Savings Option With Fixed 5% Interest
TSB also offers a linked regular saver account as part of the package. This savings option pays a fixed 5% interest rate over one year, allowing customers to deposit up to £250 per month. Over a full 12-month period, this could generate approximately £71 in interest.
Several UK banks are currently offering incentives to attract new customers. First Direct is providing a £175 cash reward, while The Co-operative Bank is offering a similar total of £175, delivered through a combination of upfront cash and recurring monthly payments.
Feedback from users suggests the process is simple and efficient. A MoneySavingExpert survey involving more than 5,000 people found that nearly 90% of those who had switched banks described the experience as easy and hassle-free, reinforcing the accessibility of offers like TSB’s.
