Here, Which? takes a closer look at what the Spend and Save accounts offer, the small print on when you get the cash for switching, and how the switching deal compares with others available right now.
What do the Spend and Save current accounts offer?
The Spend and Save current account is free and you can earn up to £5 cashback a month, up to the first six months, when you make 20 debit card payments each month.
You can also put money aside in up to five savings pots which earn 2.52% AER.
You'll be able to access TSB Marketplace through the account, where you can get up to 4% cashback on stays made through Booking.com and other offers.
Spend and Save Plus
This account has the same perks as above, but the amount of cashback you can earn is much higher.
You can earn £5 cashback every month with no six-month limit, when you make 20 debit card payments every calendar month. This means you could earn £60 a year, although the account charges a £3 monthly fee, which means you’d spend £36 a year.
The account also offers an overdraft of up to £2,000, with £100 interest-free and no fees on debit card transactions worldwide.
Find out more:What's in the small print?
For this switching deal, you’ll qualify for the money in two parts.
To get £125, you’ll have to switch to either the Spend and Save or the Spend and Save Plus account before the offer is withdrawn.
You’ll then need to make at least one debit card payment and have two active direct debits by 31 August.
To get the £75 stay incentive you must make at least five debit card payments every month, pay at least £500 into your account and have at least two active direct debits between September 2023 and February 2024.
You’ll get the £125 paid by 30 September and the £75 by 31 March 2024 if you complete all the steps above.
If you’ve received an incentive or benefit for switching to TSB Bank using the Current Account Switch Service since 1 October 2022, you’re not eligible for this offer.
Find out moreWhen does the deal end?
TSB hasn’t provided an end date for the £200 switching offer.
However, to get the £125 incentive you must complete the steps by 31 August, which is a good indication of when the offer might be withdrawn.
Is TSB a good provider?
TSB got a customer satisfaction score of 66% in our latest survey of the best and worst banks, putting it in 20th place out of 21 providers we covered.
Customers rated it highly for its online banking service and online banking app. But it received a middling score for its call-based customer service and how it deals with complaints, and two stars for its branch service.
Find out moreHow does the TSB switching offer compare?
There are three other banks offering switching deals at the moment:
Lloyds - £150
The £150 bonus is available to new customers switching to a Club Lloyds account, which includes the fee-free Classic as well the Silver (£10 a month) and Platinum (£21 a month) packaged accounts.
All Club Lloyds accounts come with the option to pick one lifestyle benefit a year. At the moment that includes a 12-month Disney Plus subscription, six cinema tickets or an annual magazine subscription.
You can also get access to Everyday Offers, which provides cashback when shopping at certain retailers.
There’s a £3 fee for maintaining any of the Club Lloyds accounts (in addition to the packaged account fee), but it will be refunded each month if you pay in £2,000 or more.
However, this switching offer ends on 17 July.
You won’t be eligible if you’ve received an incentive for switching to a Lloyds or Halifax current account since April 2020.
Find out moreFirst Direct - £175
First Direct – a Which? Recommended Provider – is offering a £175 bonus to new customers who move to its 1st Account.
The account offers access to a regular saver, which pays 7% AER for 12 months, and a £250 0% overdraft, which is subject to status.
To qualify for the incentive, you need to switch using the Current Account Switch Service, pay in at least £1,000 within three months of opening the account, and must not have been a HSBC current account holder on or after 1 January 2020.
The £175 bonus should take 28 days to land in your account once all of the eligibility criteria have been met.
Find out more:NatWest and Royal Bank of Scotland - £200
You can get a £200 bonus if you switch to either the NatWest or RBS Select, Reward, Premier Select or Premier Reward accounts – both providers' accounts work in the same way.
Select current accounts are fee-free, while Reward accounts come with a £2 monthly fee and added perks such as the ability to earn up to £5 a month in rewards to spend as you wish.
Premier bank accounts are for those who either earn at least £100,000 a year, have a mortgage of at least £500,000 with NatWest or RBS, or have at least £100,000 in savings and investments with NatWest or RBS.
Regardless of which account you choose, you'll need to open an account online or via the mobile app, switch using the Current Account Switch Service, deposit at least £1,250 and log into your mobile banking app within 60 days.
If you meet these conditions, the £200 will be paid within seven days.
You won’t be eligible for the offer if you've already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between 1 October 2017 and 13 February 2023.
Find out moresource https://www.which.co.uk/news/article/tsb-launches-200-bank-switching-offer-how-does-it-compare-acAJZ7l6n72I