TSB has launched a new £200 switch offer as high street banks continue to offer big incentives to lure in new customers.
Customers get £125 if they open a Spend & Save or Spend & Save Plus account after July 10, then use the Current Account Switch Service (CASS) to move to TSB before August 31, 2023.
They will also need to set up at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app to get the first instalment.
The £125 switch money will be paid by September 30, 2023.
A further £75 will then be awarded by March 31, 2024, if each month they pay in at least £500, make five debit card payments and have two direct debits.
Those who have received a switch offer from TSB since October 1, 2022, won’t be eligible for this £200 offer.
Customers who choose the Spend & Save account can earn £5 in cashback a month for the first six months if they make 20 debit card payments each month.
This means they would earn £30.
The same cashback applies with the Spend & Save Plus account but is available on an ongoing basis, rather than stopping after six months.
However, the Spend & Save Plus account comes with a £3 monthly fee - taking this into account, customers would earn £24 in one year.
Both accounts come with instant access savings called Savings Pots where customers can earn 2.52% interest AER variable.
TSB also has its Monthly Saver account where customers can get 5.00% Gross/AER on their savings, fixed for 12 months.
If you're not eligible for the TSB switch offer, NatWest, Ulster and Royal Bank of Scotland are offering £200 to new customers - and you could also earn £36 a year cashback.
You can get the switch money when you change your current account to one of several NatWest, RBS or Ulster accounts.
To get the additional £36 a year cashback, you would need to go with either the NatWest Reward or RBS Reward accounts.
The cashback, which is worth £5 a month, is available when you use the mobile app and pay out two direct debits worth at least £2 every month.
But there is a catch. Both accounts come with a £2 monthly fee, which takes the cashback effectively down to £3 a month, or £36 over the year.
First Direct is paying new customers £175, while Lloyds is handing out £150 when you move to a Club Lloyds, Club Lloyds Silver or Club Platinum account.
