MoneySavingExpert News

TSB launches 75 refer a friend current account offer

TSB customers can now earn 75 for each friend they refer who switches to the bank, and they will get 75 too.

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:

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:

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.