02 Aug 2024

TSB launches £190 current account switch offer – is it worth going for?

The bank is paying triple cashback on its Spend and Save accounts

TSB has rolled out an enticing switching offer worth £190 if you open one of its cashback current accounts, plus the option of an extra reward.

The bank is offering £100 to move, triple cashback on its Spend and Save accounts worth up to £90, and the choice of a hotel stay, cinema tickets or a subscription to Now TV.

Here Which? explains how to qualify for the new switching deal, whether TSB is a good provider and how it compares to others on the market.

Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of the current account provider before committing to any financial products.

What can you get by switching to TSB?

TSB is offering new customers £100 to switch to one of its Spend and Save Current Accounts, and the chance to earn up to £90 cashback if you stay with TSB until at least April 2025.

If you stay until April you can choose an extra treat from a night for two at a choice of hotels, two Odeon cinema tickets each month for three months, or Now Entertainment membership for six months.

Spend and Save

The Spend and Save current account is free and you can normally earn up to £5 cashback a month, for up to the first six months, when you make 20 debit card payments each month. But as part of the switching offer, you can earn triple the amount of cashback up to a maximum of £90.

Spend and Save Plus

The Spend and Save Plus current account has all the same perks as the basic version, but it has a £3 monthly fee, meaning you’d spend £36 a year.

It allows you to earn £5 cashback every month without the six-month limit when you make 20 debit transactions each month. You’ll also get triple this rate for the first six months, meaning you can also earn up to £90.

The account also offers an overdraft of up to £2,000, with £100 interest-free and no fees on debit card transactions worldwide.

Find out more: how to switch your bank account

What's in the small print?

To get the £100, you’ll need to use the Current Account Switch Service, log in to the TSB mobile app and make at least five payments using the debit card of your new account before 27 September.

You’ll be paid £100 between the 15 and 25 October.

You won’t be eligible for the offer if:

you’ve received an incentive or benefit for switching to TSB Bank using the Current Account Switch Service since 1 October 2022
you’re switching from another TSB account.

Find out more: 6 reasons not to switch your bank account

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When does the deal end?

There’s no end date to TSB’s deal but it can be withdrawn at any point, so if you’re interested it’s worth switching sooner rather than later.

Is TSB a good provider?

TSB came joint 18th out of 21 providers in our annual survey of the best bank and bank accounts, with a customer score of 69%.

It got average scores for its customer service, how it deals with complaints and its online and mobile banking. It received two stars for its branch and telephone banking service.

It also came joint 9th out of 11 banks we tested for online and mobile security, with a test score of 67%.

Find out more: best bank and bank accounts

How the deal compares

There’s just one other deal on the market right now. It's from Barclays and you get more cash upfront.

Barclays will pay you £175 to switch your bank account and join its Blue Rewards Scheme.

The Blue Rewards scheme, which was recently overhauled, costs £5 per month and gets you cashback on your spending and other perks such as streaming subscriptions.

This deal is only available to new customers and you’ll need to use the Barclays mobile banking app to apply.