TSB launches £75 refer a friend current account offer

If you've a Classic Plus current account, you and your friend can earn £75 each if they apply for a new Classic Plus account by Mon 5 March.

While TSB has previously offered bank switching bonuses of between £100 and £130, this is the first time it's done a 'refer a friend' scheme - which is similar to the Nationwide one which allows you and your friend to earn £100 each.

It is, however, possible to earn up to £200 switching to other accounts without using 'refer a friend' schemes.

See our Best Bank Accounts guide for more switching offers.

Who's eligible?

To refer a friend, you must have a Classic Plus account, which needs to remain open until the bonus is paid.

The person you refer must be 18 or over, a UK resident and can't already hold a Classic Plus account at the time of the referral.

Need-to-knows

To ensure you and your friend get the bonus there are a few things to be aware of:

• The offer is limited to the first 5,000 referees who switch.

• Your friend must apply for the account by Mon 5 March.

• They must start the switch by 4pm on Thu 15 March and complete the switch by Fri 23 March.

• You can be paid for referring up to five friends per account you hold.

• If you've more than one Classic Plus account (for example you have one in your sole name and one in joint names), you can refer five friends from each.

How to earn the bonus

To earn the cash, the referred friend must complete a full switch of a non-TSB current account, using the Current Account Switch Service (CASS). This takes seven working days and closes the old account - see Switching Q&As for more.

All payments in (eg, salary) and out (eg, utility bill direct debits) will also be automatically moved across.

Here's how to refer a friend:

1. Fill out TSB's online form - you'll need your sort code and account number.

2. TSB will email a unique link to you, which you must forward to your friend. You can use this link for up to five friends.

3. Your friend clicks the link and applies for an account, then switches - they need to allow cookies in their browser.

4. Within 28 days of the switch completing, your friend needs to pay in at least £500 and have at least two active direct debits - these can be new ones or ones they've switched.

5. £75 will be paid into your and your friend's accounts 28 days after their switch completes.

How does the account stack up?

The Classic Plus account is one of our top pick bank accounts for cashback. Here are some of its key features:

• A £5 bonus every month you have two or more direct debits being paid from the account until 31 December 2018.

• £5 cashback a month if you use your debit card at least 20 times in that month until 31 December 2018.

• 3% AER variable interest on the first £1,500 in your account, paid monthly.

It's worth noting some TSB switch incentives have been as high as £130 in the past. There's no offer currently running and TSB has told us there are no current plans to launch another, but you could be able to earn more by switching in the future if it does.

Nationwide has a similar refer a friend scheme, where you and your friend can earn £100 each. HSBC and First Direct offer £50 for you and £100 for your friend, though it's possible to earn more by directly switching to them.

It's also possible to earn more by switching to another bank - HSBC currently offers £150 to switch plus £50 if you stay a year, and four banks offer £125 in cash or vouchers.

For more details on the top bank switches, see our Best Bank Accounts guide.