Major UK bank giving away cash prizes up to £10,000 to customers

TSB has launched a new prize draw where customers could win up to £10,000.

Customers will be automatically entered into the Dream Fund prize draw if they deposit £5,000 into their TSB personal current account or savings account before September 30.

In total, TSB will give away 155 cash prizes to customers, including five £10,000 prizes, fifty £250 prizes and one hundred £100 prizes.

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The £5,000 must be transferred from a non-TSB account and customers must be 18 or over and resident in the UK. You will receive one prize draw entry for every £5,000 deposited.

For example, if you deposit £10,000 in one transaction, you will receive two entries to the prize draw. Partial amounts below £5,000 will not count towards an entry, even if they total £5,000.

For example, £5,000 deposited in two £2,500 payments will not be eligible. Full details and terms and conditions can be found on the TSB website here.

This latest Dream Fund prize draw is in addition to the monthly prize draw for TSB personal current account customers offering them the chance 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, said: “It’s great to offer customers even more brilliant reasons to bank with TSB. On top of the many great features and benefits that TSB savings and current accounts already provide, we're always looking for ways to reward our customers – and our latest exciting prize draw does just that."

It comes after TSB recently pulled its bank account switch offer, which was worth £310. The deal saw new customers awarded £100 upfront for switching, plus £90 in cashback (spread out at £15 a month for six months) when they switch to its TSB Spend and Save account.

You then also got an additional perk of a £120 credit towards a hotel booking, or 12 months of activity tickets with the National Activities Network.

Martin Lewis had previously issued a warning on social media about the offer ending. He said: “Arguably the biggest current bank switching bonus is about to end, a total of £310 of rewards from TSB.”

The TSB Spend and Save account gives you a 5% regular saver on up to £250 a month, fixed for 12 months. Other banks are also offering switch bonuses right now.

First Directis paying customers £175 if they switch to its 1st Account. With First Direct, you must pay at least £1,000 and open two Direct Debits or standing orders from the account within 45 days of opening it.

You must also register and log onto digital banking, within 45 days of the account opening and spend on your debit card five times.