TSB launches 'dream fund' prize draw with £72,500 in cash prizes for customers
New and existing customers who deposit £5,000 by Sept. 30 are eligible for monthly draws running through December, with five £10,000 prizes among 155 payouts
TSB has opened a new "dream fund" prize draw that will award a total of £72,500 in cash prizes to customers who deposit at least £5,000 into eligible accounts.
The bank said 155 cash prizes will be distributed, including five awards of £10,000, 50 prizes of £250 and 100 prizes of £100. The draw is open to new and existing TSB customers aged 18 or over who live in the UK and who transfer the qualifying funds from an external bank account into a TSB personal current account or eligible personal savings account by Sept. 30.
TSB said the prize draw will be held monthly through the end of December and will produce at least 28 winners each month. In September and October draws, three winners each month will also be entered into a chance to win a holiday for two to Toronto and Niagara Falls or receive £300 in Red Letter Day vouchers.
Customers receive one entry for every £5,000 deposited. For example, a single £10,000 transfer into an eligible account will generate two entries. Partial amounts below £5,000 will not count toward an entry even if they total £5,000 across multiple payments; TSB cited the example that two separate £2,500 payments would not be eligible.
The qualifying funds must be transferred from an external bank account, not from another TSB account. TSB said deposits are eligible when placed into any of its personal current accounts or eligible personal savings accounts, but it noted that the TSB Monthly Saver Account and the Matured Funds Account are excluded from the draw.
Surina Somal, TSB's everyday banking director, said the bank was "always looking for ways to reward our customers – and our latest exciting prize draw does just that." TSB did not disclose the exact schedule of monthly draws in its announcement.
The promotion follows the end this week of TSB's £310 switching offer for customers who moved their current account via the Current Account Switch Service. Banks and building societies in the UK commonly use cash incentives, prize draws and switching bonuses to attract new customers and encourage larger balances.
Winners and prize details are subject to the terms and conditions of the promotion, including the cut-off and eligibility rules set by TSB. Customers interested in entering should check the bank's promotional terms, ensure transfers meet the single-transaction £5,000 minimum from an external account, and confirm that the destination account is eligible.
The draw forms part of a broader competitive effort by UK banks to retain existing customers and draw new ones after the pandemic-era surge in switching and savings product competition. TSB's promotion combines guaranteed cash incentives with the chance of larger lump-sum prizes and experiential rewards in a way that mirrors offers from other firms in the retail banking sector.