TSB is the latest UK bank to offer joining customers a financial incentive to use its services. New current account holders can get £200 added to their balance in the latest money-saving perk.
It's not unusual for banks to launch generous cash bonus' to customers, whether it's cashback deals, higher interest rates on savings accounts or offering money to new customers. It makes changing providers a lot easier for customers who may be unhappy with their current bank's reward scheme but it has also become a simple way for consumers to 'earn' money.
Customers who open a new 'Spend and Save' account with TSB before Friday, March 3 will get £175 cashback and an additional £75 if they keep their account open until later in October this year. However there are some specific payments account holders have to make to ensure they receive the full £200 reward.
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Like the majority of UK banks, the TCB incentive is based on the idea that account holders leave their current bank to open up the new account and claim the £200 as the reward for doing so. In order to make the most of the offer customers have to show they are using the account as their main income and outgoings 'hub'.
Customers have to set up at least two direct debits (of any amount), use their debit card in-store at least once, and log onto TSB's internet banking or mobile app before April 24 to get the first installment of £175.
After this customers have to prove they intend to stay with the bank by keeping the account open and pay in at least £500 a month, make five debit card payments and maintain two direct debit payments by October, 31. If so, customers will then get the remaining £75.
It's one of the only £200 cash reward schemes that's available to customers on free accounts and does not incur any monthly fees. The bank has a similar incentive on offer for those who open as 'Spend and Save Plus' account but this does come with a monthly £3 fee to maintain.
Ontop of the additional maintenance fee there are benefits that come with it, including £5 monthly cashback and no charges when using the debit card abroad.
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