Major bank giving away £200 to new customers – are you eligible?

In some (seemingly rare) good financial news, new banking customers with TSB are being offered a new cash incentive.

With a cost of living crisis still gripping the nation and mortgage prices reaching record highs, any opportunity to get a few extra pounds into the bank account is likely to be welcomed by households.

While it’s not uncommon for banks to offer money to customers to encourage them to switch accounts, TSB is also offering existing customers money to remain with them after a set period of time.

TSB launched a similar offer back in February of this year, and, speaking at the time, Ian Ramsden, TSB’s Products Director, said: ‘Our current accounts provide convenient ways to help you manage your money better and this offer… is another great reason to make the switch.’ 

So, who is eligible for the £200 incentive?

Here is what you need to know.

Who is eligible for the TSB £200?

If you are considering moving to a TSB account, you can receive a £125 ‘switch incentive.’

To take advantage of the switch offer, you need to apply for a new TSB Spend & Save or Spend & Save Plus account before the offer is withdrawn on 10 July 2023.

Then, complete a full switch using the Current Account Switch Service before 31 August 2023.

Additionally, you must log into the TSB Mobile Banking App by this date and make at least one debit card payment while having two active Direct Debits.

You can then receive a further £75 ‘stay incentive’ by making a minimum of five debit card payments (excluding cash withdrawals and in-branch bill payments), depositing at least £500 into your account, and having two active Direct Debits between September 1, 2023, and February 28, 2024.

How do you switch banks?

Once you finish the application process for a new account, you can request to switch (Keep an eye out for the prompts).

Alternatively, you can fill out an online form on the TSB website at a later time.

TSB will then transfer all incoming and outgoing payments to your new account and if there are any issues, they will reimburse any interest and charges on your old or new current accounts.

Full terms and conditions can be found on the TSB website.

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