TSB offering up to 255 in switching rewards – what you need to know

Check if you could qualify for the deal here

Brits have the opportunity to pocket a “free £255” by transferring to a high street bank. The offer runs until the end of March.

Banks frequently roll out deals to attract fresh customers. Generally, this requires designating their current account as your primary one and transferring several direct debits across.

It is up to you to determine if the switch reward makes the move worthwhile. TSB is currently running one such promotion.

According to Money Saving Expert (MSE), the consumer finance website established by Martin Lewis, customers could secure a “free £255” by moving to a TSB Spend & Save account.

It’s crucial to understand, however, that this isn’t an immediate £255 cash payment. The total comprises cashback rewards and an Amazon gift card.

MSE said: “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 [email protected] 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.