TSB customers can earn up to £500 with its ‘refer a friend’ offer

TSB has increased the amount customers can earn through its ‘refer a friend’ offer and is now offering £100 for each referral.

Existing TSB customers can earn the £100 – which increased from TSB’s previous offering of £75 – when they refer a friend or family member who switches from their current bank to TSB’s Classic or Classic Plus account. Customers can refer up to five friends and earn up to £500 through this offer. Friends and family members who are referred will also receive £100 when they join TSB.

Those wanting to take up this offer will have to act quickly as it ends on 28 February 2020.
Commenting on the increase in the ‘refer a friend’ offer, Craig Bundell, director of everyday banking at TSB, said: “Giving something back to our customers has always been important to us and with only a few weeks left before the offer ends, we want to give more back to our customers – particularly at this time of year when most are recovering from Christmas and New Year finances.

“Since the launch of the offer in April 2019, we’ve given customers and their friends and family over £1m, so I’m delighted that we can continue to reward our existing and new customers in this way.”

Banks offer switching deals as a way to entice consumers to move away from their existing bank. Often, as part of the switching deal, consumers will be rewarded with cashback, which for some banks can be as much as £175.

Getting paid to switch bank accounts can be a useful way for consumers to earn extra money, especially in January when many are struggling financially after the Christmas period. Rachel Springall, finance expert at Moneyfacts.co.uk, said: “It’s encouraging to see a boost to the switching offer from TSB, which may well suit those who have friends or family who could be better off switching their current account – and get some free cash in the process. January could be a prime time for moving accounts, so this offer is well-timed.

“There could be banking customers unhappy with their current account right now, so it’s important to stress how quick and easy to move accounts by using the Current Account Switcher Service. Not only does TSB offer a free cash perk for recommending others to switch, but they also pay an attractive 3% credit interest rate on balances up to £1.5K.

“As with any current account, its vital consumers weigh up the overall benefits of an account before they move to ensure it’s the right choice for them.”