The deal includes £150 upfront cash, with additional bonuses available
Brits could earn a “free £255” by making the switch to a major bank. This deal is in place until the end of March.
It’s quite common for banks to offer deals to entice new customers. Typically, this means you need to make their current account your main one and move over some of your direct debits.
It is up to you to determine if the switch reward makes the move worthwhile. One such deal currently available is being provided by TSB.
According to the team at Money Saving Expert (MSE), the website founded by Martin Lewis, you could get a “free £255” for switching to a TSB Spend & Save account.
However, it is important to note that this is not £255 in upfront cash. It includes some cashback and an Amazon voucher.
MSE explained: “New customers switching their current account to TSB’s Spend & Save via this specific link can get £150 upfront cash, £50 in April, £5 a month cashback for six months and now a £25 Amazon voucher too.”
On top of this, the account gives access to a five per cent regular saver, offering five per cent interest on up to £250 a month, fixed for 12 months. To qualify, you can’t have had a switch bonus from TSB since October 1, 2022.
There are other rules in place to qualify for each part of the switch deal. These are explained by MSE.
How to get the free £150 upfront:
- Either have an existing TSB personal current account (not an under 19s account) or open a new Spend & Save or Spend & Save Plus account online, in-app or in branch
- Before 20 March, switch in an account from a different bank, deposit £1,000 or more, spend on the debit card five or more times and log in to the mobile app
- The £150 will then be paid by April 7
How to get the free £50 in April:
- Deposit £1,000 or more in April
- The £50 will then be paid by May 31
How to get the £30 cashback:
- You get £5 cashback for making 20 or more debit card payments in each of the first six months (so £30 total)
How to get the £25 Amazon voucher:
- Open a new Spend & Save account via a specific MSE link here
- Within 90 days you’ll receive an email from no-reply@giftcloud.com with a link to claim your voucher (which you must do within 60 days)
- You can’t have received an Amazon voucher for opening a TSB account in the last 180 days
For more information, visit the TSB website here.
