Here, we explain how TSB’s new rewards portal works and how it compares to perks from other banks.
How does TSB's reward portal work?
The new My TSB Rewards portal is available to TSB customers with internet banking or the TSB mobile app.
Some customers may need to click on the existing TSB Marketplace button, as TSB said the new branding will be rolled out to all customers within the next few weeks.
Once through, you'll be able to see all the current offers and services, along with their expiry dates.
If you see an offer you like you can click it, and you'll be directed to the retailer or service page where you can make your purchase and get your discount.
TSB told us you don't need to use your TSB card to pay and any limits on the amount of times you can use the offer will be clearly stated in the terms and conditions.
What deals can you get?
Currently, you can get the following, but TSB said more deals would be added ‘all the time’.
How does it compare?
TSB is unique in offering discounts on purchases rather than cashback which is what other banks tend to offer to their current account customers.
With a discount, you can feel the benefit straight away, but with cashback, you usually have to wait for it to be paid into your account.
The table reveals what's available from other banks (we've only included fee-free bank accounts).
Most banks offer schemes where you earn cashback when spending with specific retailers. This is convenient if you were already planning on purchasing something from the retailer anyway and are prepared to wait for cashback to be paid into your account.
Chase by JP Morgan offers the broadest cashback scheme as it's on most debit card spending for the first year after opening the account. This means you won't need to try and keep on top of specific retailer offers that may change and expire each month. Cashback is rounded to the nearest penny and will be credited when the debit card payment is cleared.
The Co-op current account pays 2p cashback on debit card transactions up to a maximum of £1.20 a month and there's another £1 cashback paid if you meet certain account conditions each month.
Find out more:What bank accounts does TSB offer?
TSB offers a basic bank account, as well as two reward accounts.
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.
The Spend and Save Plus current account has all the same perks as the basic version, but it has a £3 monthly fee, meaning you’d spend £36 a year. It allows you to earn £5 cashback every month with no six-month limit when you make 20 debit transactions each month.
The account also offers an overdraft of up to £2,000, with £100 interest-free and no fees on debit card transactions worldwide.
Both accounts also give you access to a monthly saver account paying 6% AER, where you can save between £25-£250 each month for 12 months.
Is TSB a good provider?
TSB achieved a customer score of 69% in our latest survey of bank account providers, scoring towards the bottom of the table.
Customers rated it three stars for its customer service, mobile app and how it deals with complaints.
It only received two stars for its service in branch and telephone banking service.
Find out more:Will TSB pay you to switch?
Sadly, there are no TSB switching offers right now.
We last saw TSB introduce a switching incentive in September paying £175 to move to one of its Spend or Save accounts.
Currently, there are just two switching deals on the market offered by Nationwide and First Direct, where you can earn £200 and £175 respectively.
Find out more:source https://www.which.co.uk/news/article/tsb-launches-a-new-rewards-portal-offering-discounts-how-does-it-compare-atI5w0b2SnLh