TSB has become the latest bank to relaunch a cash carrot in a bid to reel in customers.
It has launched a switching deal for new and existing customers worth up to £310.
New customers can bag up to £190 in cash if they switch their current account to a TSB Spend & Save or Spend & Save Plus current account and bag a further £120 worth of rewards.
They will receive £100 for switching their bank account and can then earn £90 in cashback over the first six months of opening the account, plus a choice of two rewards in January 2026.
To get the switching cash, customers must switch to TSB through the Current Account Switch Service from 19 May 2025 and the switch must be complete by 19 July 2025.
This can be done through the TSB Mobile Banking app, the TSB website or in branch.
Existing customers, for example those who hold a mortgage with TSB can also get the switching cash if they open a new TSB current account and do a full switch.
Bag a bonus: TSB has launched a switching deal dishing out up to £190 cash and a further £120 worth of rewards
TSB’s Spend and Save account is free to open, while the Spend and Save Plus account comes with a £3 monthly fee.
There are several hoops to jump through to get the full switching bonus though, as TSB looks to retain customers who switch to it, rather than those who use it as a secondary account just to bag free cash.
To get the initial £100 switching cash, customers must use the TSB Mobile Banking app and make at least five payments using the TSB debit card on their account before 19 July 2025.
The £100 bonus will be then paid between 2 and 16 August 2025.
After this, new TSB customers will be able to earn cashback of £15 each month for six months if they make at least 20 debit card payments in the calendar month.
This means customers can earn a total of £90. Any cashback will be automatically paid in the next calendar month.
If customers make 20 debit card payments in December 2025 and meet the conditions for the £100 switching bonus, they can choose between two rewards options, but they will have to wait until January 2026.
Customers can then choose from a £120 voucher for a hotel of their choice either abroad in the UK when booking through Travel Credits or 12 months of free activity tickets for attractions around the UK including theme parks, museums, mini golf, kayaking and escape rooms.
How does it stack up to other switching deals?
While its not the speediest payout on the market, TSB’s switching deal offers the biggest earning potential of £190 in cash with a further £120 worth of rewards.
First Direct is offering £175 to switching customers with the cash promised within 45 days of the switch completing.
NatWest is offering £150 to those who switch to its Reward current account, which comes with a £2 monthly fee and offers perks such as 1 per cent cashback on selected retailers.
This bonus is promised within 60 days.
Co-op Bank is offering £175 to customers who move their bank account to Co-op.
Customers will receive £100 upon completing a bank switch to Co-op, and £25 per month for three months thereafter to total £175.
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