TSB £200 switch offer July 2023

pecunianonolet

Hi,

TSB has just launched a new switch offer for £200 for opening a new Spend & Save or Spend and Save Plus Account. 

https://www.tsb.co.uk/current-accounts/spend-and-save-account/

Switch your current account and get up to £200.

*The terms of this offer start on 10 July 2023 and will last until the offer is withdrawn by us.

£125 cashback

To qualify for £125 cashback you must do all of the following:

Between 10 July 2023 and before the offer is withdrawn by us you must:

1. apply for a new TSB Spend & Save or Spend & Save Plus account through tsb.co.uk, the TSB Mobile Banking App or in Branches.

And

By 31 August 2023 you must do all of the following:

2. complete a full switch** to your new TSB Spend & Save or Spend & Save Plus account using the Current Account Switch Service

**a full switch means you need to transfer all active credits and debits from your old account and close it. This must include a minimum of two active Direct Debits

3. make a minimum of one payment using the debit card on your new Spend & Save or Spend & Save Plus account

4. log into the TSB Mobile Banking App at least once

5. have a minimum of two active Direct Debits on your new Spend & Save or Spend & Save Plus account

If you’ve done all these things we’ll pay £125 cashback into your new Spend & Save or Spend & Save Plus account by 30 September 2023.

Additional £75 cashback

To qualify for the additional £75 cashback, you need to do all of the following each month between 1 September 2023 and 28 February 2024:

6. make at least five debit card payments per month (excluding cash withdrawals and bill payments made in a TSB branch)

7. pay at least £500 into your account each month

8. have a minimum of two active Direct Debits on your new Spend & Save or Spend & Save Plus account

If you’ve done all these things we’ll pay £75 cashback into your new Spend & Save or Spend & Save Plus account by 31 March 2024.

Other conditions

• Your account must be open when we pay the cashback. We won’t pay cashback after the account is closed, even if you’d already qualified for the cashback.
• If you’ve received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service since 1 October 2022, you’re not eligible for this offer.
• You can only benefit from this offer once. We won’t pay cashback again if you open a second account, either in your own name or in joint names.
• Only one payment will be made to an account, so if you later make it into a joint account and another party switches in, no cashback will be paid.
• If you have applied for a Spend & Save or Spend & Save Plus and we then withdraw the offer before your account is open, you’ll still be eligible for the cashback as long as you meet the eligibility criteria outlined above.
• TSB have the right to withdraw, alter or replace the offer at any time without notice.

See all Terms and Conditions (PDF) 


Questions: 

1. Can I upgrade a Spend and Save to a Spend & Save Plus Account or will a new account need to be opened? 
2. How can we fulfill 2 active direct debits? Got a dormant Ulster bank account, which I could use but not keen to move DD from main account over if I don't have to. Suggestions?

Bridlington1

1. You would need to open a new TSB account so upgrading an existing one wouldn't work.
2. Probably the easiest way is to set up a couple of DDs on the old Ulster account from this thread: 
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

boingy

It looks very similar to their previous offer. Getting the initial amount is only a little bit fiddly and it's a slow pay-out compared with other banks but qualifying for the extra £75 was an effort too far for me. YMMV

flaneurs_lobster

There are cashback offers available from TCB/Quidco (£40/£30) if you sign up for the new TSB account via their websites. 

From experience it's worth using a different browser to do this, and clear down all cookies/history before you begin. 

The cashback takes a while to be paid, my Quidco signup bonus from 1 Feb is expected end Aug.

wiseonesomeofthetime

Gone for it.

Opportunity to get rid of my Co-op account.

Had been ineligible for all other recent switches.

Note this one has reasonable cut off date of "since October 2022" 👍😁

pecunianonolet

flaneurs_lobster said:

There are cashback offers available from TCB/Quidco (£40/£30) if you sign up for the new TSB account via their websites. 

From experience it's worth using a different browser to do this, and clear down all cookies/history before you begin. 

The cashback takes a while to be paid, my Quidco signup bonus from 1 Feb is expected end Aug.

I originally opened a Spend and Save account via Quidco, £30 cashback tracked. A month later I opened a second account, cashback tracked again. Used them for the easy £5 reward for the first 6 months. Cashback for first account opening was declined, challenged it but was declined again. Asked for T&C's and basis of rejection and Quidco customer service never responded and is basically non existent so gave up. Cashback for second account most likely is getting rejected again. 

TCB service seems a lot better and much easier to contact. 

boingy

It wasn't to do with any financial product but the one time I have been supposed to get Quidco cashback they rejected it and then stopped talking to me. I know others have had cashback but I just ignore anything Quidco now. 

jbrassy

If anyone is needing to set up direct debits for this switch offer, UNICEF and the Childhood Trust let you set up £1 a month direct debits.
https://www.childhoodtrust.org.uk/
https://www.unicef.org/

wiseonesomeofthetime

pecunianonolet said:

flaneurs_lobster said:

There are cashback offers available from TCB/Quidco (£40/£30) if you sign up for the new TSB account via their websites. 

From experience it's worth using a different browser to do this, and clear down all cookies/history before you begin. 

The cashback takes a while to be paid, my Quidco signup bonus from 1 Feb is expected end Aug.

I originally opened a Spend and Save account via Quidco, £30 cashback tracked. A month later I opened a second account, cashback tracked again. Used them for the easy £5 reward for the first 6 months. Cashback for first account opening was declined, challenged it but was declined again. Asked for T&C's and basis of rejection and Quidco customer service never responded and is basically non existent so gave up. Cashback for second account most likely is getting rejected again. 

TCB service seems a lot better and much easier to contact. 

I opened mine through TCB link this morning, however, I DO expect it to be declined.

Clear exclusion when another offer applies at same time.

Although I think it should qualify, as the cashback is for opening the account.

The switch incentive is a separate offer in my opinion.

clivep

Bridlington1 said:

2. Probably the easiest way is to set up a couple of DDs on the new TSB account from this thread: 
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

T's & C's say "**a full switch means you need to transfer all active credits and debits from your old account and close it. This must include a minimum of two active Direct Debits".

So DDs need setting up on old a/c first.

We should qualify for this offer as the only switching offer we've had from TSB was back in 2017. We've subsequently each had 3 cashbacks from Quidco but they were for opening a/cs with no switching involved.

Be warned... if you've previously had a Quidco TSB cashback for opening a TSB a/c, then when TSB eventually pay Quidco then Quidco will likely try to keep the cashback for themselves. They do this by putting a block on your Quidco a/c so that you can't see the cashback has become payable and when you contact them to unlock your a/c they will ask you to withdraw the TSB claim before they'll give you access.

We finally got our 3rd TSB cashbacks from Quidco after numerous emails in which they claimed we hadn't abided by the T's & C's of their offer. After I replied to each of these proving my compliance, they unblocked my Quidco a/c. I could then see that TSB had accepted my claim and paid Quidco and the cashback had been payable immediately before Quidco blocked my a/c. So TSB had paid them and they wanted to keep the monies by getting me to cancel the claims.

We''ve recently closed our TSB a/cs by switching to NatWest. We've Ulster a/cs to switch in but will need to set up DDs first.

pecunianonolet

clivep said:

Bridlington1 said:

2. Probably the easiest way is to set up a couple of DDs on the new TSB account from this thread: 
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

T's & C's say "**a full switch means you need to transfer all active credits and debits from your old account and close it. This must include a minimum of two active Direct Debits".

So DDs need setting up on old a/c first.

We should qualify for this offer as the only switching offer we've had from TSB was back in 2017. We've subsequently each had 3 cashbacks from Quidco but they were for opening a/cs with no switching involved.

Be warned... if you've previously had a Quidco TSB cashback for opening a TSB a/c, then when TSB eventually pay Quidco then Quidco will likely try to keep the cashback for themselves. They do this by putting a block on your Quidco a/c so that you can't see the cashback has become payable and when you contact them to unlock your a/c they will ask you to withdraw the TSB claim before they'll give you access.

We finally got our 3rd TSB cashbacks from Quidco after numerous emails in which they claimed we hadn't abided by the T's & C's of their offer. After I replied to each of these proving my compliance, they unblocked my Quidco a/c. I could then see that TSB had accepted my claim and paid Quidco and the cashback had been payable immediately before Quidco blocked my a/c. So TSB had paid them and they wanted to keep the monies by getting me to cancel the claims.

We''ve recently closed our TSB a/cs by switching to NatWest. We've Ulster a/cs to switch in but will need to set up DDs first.

Interesting and thanks for the advice. I opened the TSB account without any switching incentive. It was simply a new current account and I went through Quidco. Quidco claims that TSB has declined and that there is nothing they can do to dispute this further. I then opened a second current account a month later, again went through Quidco and both times it tracked well. Maybe I had in a complaint as I do not see what part of the T&C's I have not met. 

At least I had for the last 6 months £10 each month on cashback. Thinking of upgrading to Spend & Save Plus now. It's a £3 monthly fee but they pay £5 cashback so still £44/year with next to no effort.