TSB has introduced a new prize draw offering customers the chance to win up to £10,000. To participate, customers need to deposit £5,000 into their TSB personal current account or savings account before September 30. The draw will award a total of 155 cash prizes, including five £10,000 prizes, fifty £250 prizes, and one hundred £100 prizes.
The deposited £5,000 must come from a non-TSB account, and participants must be at least 18 years old and UK residents. For every £5,000 deposited, customers will receive one entry into the prize draw. For example, depositing £10,000 in one transaction will secure two entries, while partial amounts below £5,000 will not count towards entry eligibility.
Details and terms and conditions for the prize draw can be found on the TSB website. This new Dream Fund prize draw complements the existing monthly prize draw for TSB personal current account customers, offering the opportunity to win a city break for two to Toronto and Niagara Falls in Canada or £300 Red Letter Day vouchers.
Surina Somal, Everyday Banking Director at TSB, expressed enthusiasm about providing additional incentives for customers and stated that the prize draw aligns with TSB’s commitment to rewarding its customers. In a recent move, TSB discontinued its bank account switch offer valued at £310, which included upfront cash rewards and additional benefits for new customers.
Financial expert Martin Lewis highlighted the end of the TSB switching bonus offer on social media, emphasizing the significant rewards it provided. TSB’s Spend and Save account offers a 5% regular saver on monthly deposits up to £250 fixed for 12 months, with other banks also currently offering switch bonuses.
For instance, First Direct is offering a £175 incentive for customers switching to its 1st Account. To qualify, customers must fulfill specific criteria including an initial deposit amount, setting up Direct Debits or standing orders, and active usage of the account within a specified timeframe.