If you open an account between 18 September and receive the offer before the offer is withdrawn, then switch to TSB using the current account switch service before 31 October 2023. Customer applications can be made online, in a branch, or in the TSB Mobile Banking app. There is no end date to the offer, but it can be withdrawn at any time. To qualify for the promotion, customers will also need to have at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app, Carys Barnes, head of personal current accounts at TSB.
To meet these requirements, TSB will pay an initial salary of £150 to the new account by November 30, 2023. A Spend and Save account can earn £10 for the first six months with a Spend and Save account, a total of £60. The same cashback is available for the first six months, after which it will return to £5 cashback per month, amounting to a total of £90 in the first 12 months. To earn a cashback, customers must earn at least 20 debit card payments a month. Both accounts come with instant savings called Savings Pots, which can be accessed by simply typing in the name of the account. AER variable rates for customers can be 2.92 percent of interest.
In addition, customers can also benefit from the Bank's monthly saver account, which is set to pay a five percent Gross/AER, fixed for 12 months. The accounts also come with a number of other appealing features, such as an and a function. The auto-balancer enables customers to select a minimum balance limit on their account. If the balance falls below that level, it will automatically move money from a selected Savings Pot to top it up. With theSave the Pennies feature, customers can arrange to have debit card transactions rounded up to the nearest pound with the Savings Pot feature, so the 'change' goes straight into a savings pot.
Spend and Save Plus also provides customers with no TSB charges for using their debit card abroad, as well as a £100 interest-free overdraft for short-term borrowing, subject to application and approval. TSB isn't the only bank offering a bank switch deal. The online bank, first direct, is also offering new customers an incentive to switch, as well as the chance to enter a prize draw of $12,500. First direct customers who convert using the current account switch service and deposit £1,000 within three months will be rewarded with a cash back of up to £175. To take part in the Prize Draw with five chances to win $12,500, people just need to switch their current account to us using the current account switch service and deposit £1,000 in their account within a shorter time period of 30 days.