Customers switching to high street bank TSB are being offered as much as £246 to ditch and switch their current account.
Right now, there are four major banks offering cash incentives to lure customers to chop and change their bank.
Bank customers are notoriously stubborn, with many sticking with their bank for decades out of pure inertia despite not necessarily having access to the best rates or bonuses.
But right now, First Direct, Nationwide, TSB and Santander are offering hard cash to get customers to switch – although Santander’s offer ends on Wednesday.
TSB is offering £100 cash up front to switch, which is lower than the other banks (£175 from First Direct and Nationwide, £150 from Santander).
But TSB’s offer gives customers up to £160 in the first six months thanks to a cashback offer, with another £86 interest if you max out its linked 6% saver.
TSB is also open to anyone to switch to from any other big name bank. Whether you’re a customer of NatWest, Nationwide, Lloyds, Halifax, HSBC, Barclays or any other big name, you will be eligible to switch. First Direct, by contrast, is not open to HSBC customers (its parent bank).
The TSB Spend & Save account gives £100 when you complete your switch, and then gives £10 a month cashback on daily spending for the first six months. It also lets you put £250 per month away in a linked 6% savings account, as well as give you a choice of a one-night hotel stay, six cinema tickets or six months of Now Entertainment as a further freebie.
There’s no minimum pay-in but you must make five debit card payments and log into the app in the first month, then use the debit card at least 20 times per month.
TSB said: “Get £100 for switching, then earn £10 cashback each month for up to six months – that’s double cashback! And, if you stay until September 2025, you’ll get to choose from three treats.
“Complete Step 1 and make 20 debit card payments in August 2025 to choose your treat in September 2025:
“A night away for two at a wide range of hotels including Mercure, booked through Take Time.
“2 ODEON cinema tickets each month for three months.
“NOW Entertainment Membership for six months.”
There’s no set date for the offer to expire, but money expert Martin Lewis says that bank switch deals could be withdrawn at any time, so it’s best to get a move on and lock down a switch deal now.
