High street bank launches new £310 current account switch offer

TSB is rolling out an enticing offer worth up to £310 for new customers who switch their current account, but there's a catch – they must adhere to several criteria to claim the entire

amount. The deal includes a £190 cash incentive and the potential to earn up to £120 in rewards, targeting both newcomers and existing TSB patrons who haven't yet opened a current

account with the bank. The main draw is a £100 bonus for switching to either a TSB Spend & Save or Spend & Save Plus current account. On top of that, there's £90 in cashback

available over six months, with an additional reward of £120 on offer in early 2026. A representative from TSB explained: "To get the initial £100 switching cash, customers must use the

TSB Mobile Banking app and make at least five payments using the TSB debit card on their account before 19 July 2025." This promotion kicks off on 19 May 2025, and customers must

complete their switch via the Current Account Switch Service by 19 July to qualify. Applications can be made through the TSB mobile app, online, or in person at a branch. It's also

noteworthy that existing TSB clients, including those with mortgages, are eligible for the offer if they open a new current account and execute a full switch. For those looking to maximise

returns, after receiving the initial £100 (which will be paid between 2 and 16 August 2025), there's a chance to earn £15 per month in cashback for half a year. To be eligible for this,

customers need to make no fewer than 20 debit card transactions each month. This takes the cash total to £190. However, there's more to it. In January 2026, customers who have also

made 20 debit card payments in December can choose from one of two reward options, provided they also qualified for the switching bonus. TSB stated: "Customers can then choose from a

£120 voucher for a hotel of their choice either abroad [or] in the UK when booking through Travel Credits or 12 months of free activity tickets for attractions around the UK including theme

parks, museums, mini golf, kayaking and escape rooms." The Spend & Save account has no monthly fee, while the Spend & Save Plus account carries a £3 monthly charge. HOW DOES IT

COMPARE? Although not the fastest to pay out, TSB's deal is currently the most generous on the market in terms of potential value. BY COMPARISON: First Direct offers £175 to switchers,

with the bonus paid within 45 days. NatWest promises £150 for those joining its Reward account, which charges £2 a month but includes 1% cashback at selected retailers. Co-operative Bank is

offering £175 in total – split between a £100 switching bonus and three monthly payments of £25. TSB’s bundle – particularly the delayed £120 perk – is clearly designed to keep customers

engaged long-term, rather than attract “bonus chasers” who switch accounts simply to scoop short-term payouts. As ever, would-be switchers are urged to check the fine print – including

payment and usage criteria – to ensure they meet all eligibility rules and get the full value of the offer.