DON'T BANK ON IT
Just days left to get free £190 from major bank as switching bonuses disappear
Scroll to find out why banks are ditching their free cash offers
THERE are just days left for savers to get £190 free cash from a major bank before the final current account switching bonus disappears.
TSB's switching offer will close on Tuesday (September 10), giving customers just two days to make the move and get the benefit.
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As part of the deal, switchers receive £100 up front just for making the switch.
They can also receive up between £5 and £15 cashback each month for the first six months.
This means the maximum you can get is up to £90, making a total of £190.
However, you must make at least 20 debit card payments to earn the monthly cashback.
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You can apply for the switch on TSB's website, in branch or via the bank's app.
You must also set up at least two direct debits, use the card at least once and log into the TSB mobile app by September 27.
Once you have done this, TSB will pay the cash into the new account between October 15 and October 25.
Bear in mind that the TSB Spend & Save card doesn't have a monthly fee, but the Spend and Save Plus account will charge you £3 a month.
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New customers who meet the terms for the £100 payment will be also offered a free reward if they make 20 or more payments using their new TSB debit card in March 2025.
They can choose from:
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- A night away for two at a choice of leading hotels
- Two Odeon cinema tickets every month for three months (six tickets in total)
- A Now TV entertainment six-month subscription
Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs.
Are other banks offering switching bonuses?
Banks often introduce switching deals to entice new customers to switch to them.
But several current account providers have pulled their free cash offers over the past five weeks, and TSB's was the last on the market.
Free cash has fizzeld
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, explains why lenders are putting a pause on their free cash incentives
The summertime of free cash incentives on current accounts fizzled out over recent weeks.
These changes were largely expected, as many of the free cash offers had a set window for consumers to take advantage. It’s not all bad news though, as consumers will see these types of incentives come and go throughout the year when banks decide to compete for new business.
However, those customers who have not made time to explore the variety of offers and switch using the Current Account Switch Service (CASS) would have missed out on free cash from some of the biggest banking brands last month.
This should not deter customers from ditching and switching to an account that works harder for them, as there are still some decent packages available to suit different circumstances. It’s vital that customers choose an account based on its overall value, and not just for a free cash incentive.
Last week, Barclays Bank pulled its £175 incentive, which launched on July 8.
Meanwhile, on August 9, The Co-operative Bank withdrew its £100 incentive, which launched 17 July.
In the same month First Direct pulled its £175 incentive, which launched 7 May.
And at the end of July, Lloyds Bank removed its £175 incentive, which launched May 28.
TSB's switching offer which ends on September 10 is the last offer of this kind on the market.
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So if you are keen to try out an offer like this, TSB's deal will be your last chance for the foreseeable.
However, there are plenty of other banking offers on the market which may suit your needs.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
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