TSB bank switch offer: Up to £160 + £30 & NOW TV

The bank is offering an initial switching bonus and extra cash and reward if you stick with the account.

This short-term offer from 23 May could earn you up to £100 for switching, while double rewards for six months and welcome cashback could add another £90 on top! And then there’s an extra freebie if you stay longer. Here’s what you need to know.

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How much can you get for switching to TSB?

This TSB offer has three parts. You’ll get a fixed £100 if you meet the conditions outlined below. Then there’s £60 more if you continue to meet additional requirements next year.

There’s also up to another £30 on offer when you open the account via a cashback site. All in, you could have £190 over six months!

Then if you’re still about in January you can get Odeon tickets or a NOW streaming pass as well, worth another £60ish.

Who can get the TSB switching offer?

The offer is available from TSB’s branches and website for one of two accounts:

• TSB Spend & Save
• TSB Spend & Save Plus

You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.

You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.

You’re barred from getting the free cash if you’ve previously had switching cash from TSB since 1 October 2022.

However, there’s nothing in the terms and conditions to say existing TSB customers can’t get the money – though you will need to open up a new account to qualify.

When can you get the TSB switch offer?

The offer runs from 23 May 2024 until an unspecified date. However based on previous offers and the requirement, I think this is likely to be in early to mid June.

You’ll have to meet some other deadlines after this to get all the cash, and they’re detailed in the analysis below.

Previous offers ran in

• January 2024 (£125 + double rewards)
• September / October 2023 (£150 + double rewards)
• July / August 2023
• February / March 2023
• October / November 2022

What are the requirements for the TSB switching offer?

£100 switching bonus

To get the £100 you need to open one of the new accounts detailed above by before the offer is withdrawn.

As with most switching deals, you need to use the Current Account Switching Service to move over an account from a different bank. You need to complete this within 21 days of the offer being withdrawn. Unlike previous offers from TSB there’s no need to move over any direct debits via the switch.

You then need to use the debit card five times and log into online or app banking at least once by 5 July 2024.

Up to £60 extra cashback

The additional bonus is by earning double reward cashback from the current account itself for six months. This is normally set as £5 a month with both accounts, so you’ll get £10 each month you meet the criteria.

This will total £60 if you do it each month. However, since the TSB Spend & Save Plus has a £3 fee each month, you’ll get £18 less overall with this account over those six months – so I’d go with the standard TSB Spend & Save account.

You’ll earn £10 cashback every month for six months if you make 20 debit card transactions each calendar month. This starts when you open the account, so be careful if you open the account in late May or late June.

After six months the cashback ends on the Spend & Save. If you have the Plus account it’ll carry on but at the standard £5 a month rate (before that £3 fee ).

The debit card transactions can be on anything, so you could add small amounts to a savings account that allows debit card payments, pay off cashback credit cards or even top up Amazon credit. I’ve listed some options in my Halifax Reward hack article.

TSB Partnership Reward

If you keep your account going into January 2025, you’ll be able to claim another freebie! To be eligible you need to have made 20 debit card transactions in December 2024 – so don’t stop those once the other parts of the offer have been completed.

You’ll be sent a code via email in January, and you’ll have 30 days to claim your freebie. The rewards are:

• Six Odeon tickets
• Six months of NOW Entertainment
• A one night hotel stay for two

It’s not 100% clear when you get the cinema tickets – it could be all at once or two a month for three months. They’ll also only be for standard 2D tickets.

It’s also worth noting you can’t get the NOW pass if you’re already signed up to one, though if you’re in the last 30 days of a deal you can add this.

At full price I’d say these two freebies could be worth around £60, though there are often deals and other savings which mean I’d give them a true value of £30.

The hotel stay could be worth a lot more, though there’s not yet a list of venues, and you can only book 1 to 14 days in advance of your stay. There’s also no refund if you cancel the booking.

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Up to £30 cashback site payment

TopCashback is offering money for opening the account, so you can do this in conjunction with the switching offer.

Rates change, but there’s £20 from TopCashback for the free account and £40 for the paid one at the time of writing. While Quidco is offering £30 for the free option.

There are some extra terms and conditions here. You’ll need to deposit £500 a month and make two debit transactions (direct debits, standing orders and card payments) in three of the first four months.

You’ll also need to register for internet banking and paperless statements in the first 90 days. After 120 days they’ll check to see if you’ve met the criteria, though payment will probably take a lot longer.

If you’ve not already signed up to either cashback sites make sure you get a welcome bonus worth up to £20 here.

When will the money be paid?

As long as you meet the criteria, the first £125 will be paid to your account between 17 and 31 July 2024.

The additional account cashback from TSB is paid after the qualifying months, though you might get the bonus at a different time to the standard £5 payment. You will need to keep the account open until you receive the money.

The cashback site payment will be at least 120 days after opening, probably longer.

TSB switching summary

Which TSB account should you open?

The monthly reward on the Spend & Save and Spend & Save Plus are overly complicated.

I get why TSB want you to do this, but I think the effort to use your debit card 20 times a month isn’t worth it and you’re better off using a cashback credit card. Even when it’s doubled to £10 a month it’s a bit of a faff.

As mentioned, I’d go for the free TSB Spend & Save, but if you really think you’ll stick at it for a year and a bit, if not more, than the Plus will earn you more. And you’ll get a higher cashback site bonus on top with the latter account.

Is it worth switching to TSB?

Andy’s analysis

If you’ve not had a switching bonus from the bank since October 2022 then this is a good one to get at least the first £100. Make sure you go via a cashback site too for an extra £30!

For the first time, the addition of the extra reward in 2025 means it could be worth making 20 card payments a month for an extra £60 and freebie. If you think you’ll do that naturally as your main debit card then go for it.

Are there better switching offers?

If you’re a repeat switcher and aren’t planning to keep an account then this one to consider. But if you plan to just switch once I’d actually look at other options which have added rewards or cashback.

These come and go, so here’s everything you need to know about all these and other different bank switching deals.