A MAJOR bank is giving customers £200 in free cash if they switch their current account.
TSB has launched its new switching incentive to help lure new customers in and persuade them to open a current account.
Customers can get free cash by switching their current account
All customers who switch to a TSB current account using the Current Account Switch Service (CASS) will get £200 in free cash.
Customers will get the first instalment of the switching bonus worth £125 by September 30 after setting up at least two direct debits, using their debit card at least once and logging into internet banking.
A further £75 in free cash will be paid into new accounts by March 31, 2024, as long as the customer pays at least £500 into the account each month as well as five debit card and two direct debit payments per month.
TSB’s Spend & Save and Spend & Save Plus accounts also come with instant access savings paying 2.52% AER variable.
But we’ve found better easy access savings rates offered by challenger banks and building societies.
For example, Shawbrook Bank pays accountholders 4.35% back on savings worth more than £1,000.
What are other banks offering?
Lloyds Bank, First Direct and NatWest are all currently offering switching bonuses to customers.
Lloyds is offering £150, plus additional perks including the choice of 12 months of Disney+, six free cinema tickets and magazine subscription if you sign up to one of its current accounts.
There is a £3 monthly fee to maintain any one of the accounts though, unless you deposit £2,000 or more in each month.
Customers will also get access to a regular saver account which offers 6.25% interest.
Meanwhile, bank customers signing up to First Direct can get £175 free cash and access to a 7% savers account.
You just have to pay in £1,000 or more within three months of switching and then wait up to 28 days for the £175 to appear in your account.
NatWest is offering switchers £200, although you can’t get the bonus if you had an account with NatWest, RBS or Ulster since October 2017.
To get the £200 you just have to open the account online or in-app, switch in the account then pay in £1,250 or more and use the app within 60 days.
The £200 should then be transferred within seven days.
Whenever you do make a switch to a new bank, make sure you consider everything that bank is offering you beyond the cash bonus.
How do I switch bank account?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
How can I find the best bank accounts?
If you’re not fussed by cashback or free cash perks and are more interested in other benefits of switching, don’t waste time looking at individual banking sites – it’ll take you an eternity.
Research websites like MoneyFactsCompare and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will help save you time and show you the best rates available.
These sites let you tailor your searches to an account type that suits you.
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