British banking customers have a lucrative opportunity to boost their finances in the coming year, as TSB Bank launches a compelling switch incentive that could see individuals earn up to £230 by April 2026. The high street bank is targeting eligible consumers with a cash bonus designed to encourage them to move their current account from a rival provider.
Unpacking the TSB Switch Bonus Structure
The core offer from TSB provides a minimum £150 cash bonus for customers who complete a full switch to a TSB Spend and Save account using the Current Account Switch Service before the deadline of March 20, 2026. This initial incentive is just the beginning of the potential financial gains on offer.
Additional Earnings and Monthly Rewards
Beyond the base £150, there is an additional £50 bonus available specifically in April 2026 for those who deposit at least £1,000 into their new TSB account during that month. Furthermore, the bank has instituted a monthly rewards scheme where customers can earn £5 back each month by making 20 or more direct debit payments.
For individuals who initiate their switch in January 2026 and maintain the required payment activity, this could accumulate to an extra £30 over six months, creating a potential total bonus package of £230 when combined with the £150 and £50 payments.
Eligibility Criteria and Important Exclusions
It is crucial for potential switchers to note that not all UK residents qualify for this promotional offer. TSB has implemented specific eligibility restrictions that could bar some consumers from claiming the bonus.
The bank has explicitly excluded anyone who previously switched to TSB and claimed a cash bonus for doing so since October 2022. This means the offer is primarily targeted at new customers or those who haven't recently taken advantage of similar switching incentives from the bank.
How to Secure the Switching Bonus
To qualify for the £150 base bonus, customers must complete several specific actions:
- Complete a full switch to a Spend and Save account using the Current Account Switch Service before March 20, 2026.
- Log onto the TSB app and deposit at least £1,000 into the new account.
- Make five or more payments using the new TSB debit card before March 20, 2026.
Once these requirements are met, TSB will confirm eligibility and pay the £150 bonus directly into the account. For those aiming to secure the additional £50 April bonus, they must deposit a total of at least £1,000 into their TSB account specifically during April 2026, with payment scheduled by May 31, 2026.
What the Switch Service Includes
TSB aims to make the transition as seamless as possible for the approximately five million customers who join from competitor banks. The bank's switching service provides comprehensive assistance with several administrative tasks:
- Transferring the previous account balance to the new TSB current account
- Closing the old account automatically
- Migrating payment recipient details (payees) to the new account
- Transferring all active Direct Debits and standing orders
- Redirecting regular income payments such as salary, pension, or benefits
- Setting up payment redirection from the old account to the new one
However, TSB clarifies that customers will still need to handle certain tasks independently, including updating payment details for recurring bills that use debit card information and refreshing payment methods for digital wallets like Apple Pay or Google Pay.
With the March 2026 deadline approaching, consumers interested in maximising this financial opportunity should carefully review the eligibility requirements and consider whether switching aligns with their banking needs and financial goals.
