New and existing TSB customers can get £200 free.
The bank is offering a switching incentive that offers customers who change to a TSB Spend and Save or Spend and Save Plus current account will get the money in two payments.
Customers will get £125 by September 30 if they open an account before August 31, 2023 using the Current Account Switch Service (CASS).
You will then receive £75 around March 31, 2024 if you spend on the debit card five or more times a month, pay in £500 or more and have two direct debits, This Money reported.
Customers also receive a £5 a month cashback for the first six months if they spend on the debit card 20 or more times a month with a Spend and Save account.
For Spend and Save Plus, you can receive the same cashback on an ongoing basis so customers can potentially earn £60 for the first 12 months.
Although, Save and Spend Plus comes with a £3 monthly fee but there are no TSB charges when using the card overseas.
According to Money Saving Expert, you can't have had a switch bonus from TSB since October 2022 to qualify for the incentives.
There are several other banks that are also offering similar incentives.
Natwest and RBS
Natwest and RBS are offering £200 with fewer hoops to jump through than TSB.
People need to apply online or via an app to switch to a current account, which can also be the free Everday account.
Customers who switch will then need to deposit £1,250 into their new account and log into mobile banking within 60 days.
When people meet the conditions then Natwest will pay £200 into the new account within seven days.
Switchers can opt for Natwest's or RBS' reward account or Everyday account.
But Natwest's Reward account gives customers £4 a month if they set up two direct debits.
Customers will also receive an additional £1 each month for logging onto online banking which brings a total of an extra £60 a year.
Similarly, RBS gives an extra £4 per month cashback if you set up two direct debits.
But both of these accounts come with a £2 monthly fee.
The Select accounts have no monthly fee but they also don't get any cashback.
Club Lloyds
You can receive £150 if you switch to a Club Lloyds account but the offer ends on July 17.
But it could arguably be a better option than TSB because those switching to a Club Lloyds account can choose from a variety of "lifestyle benefits" each year.
It costs £3 a month to maintain the account but this doesn't apply so long as the account holders pay in £2,000 or more.
If you have an account, you can choose between a 12-month Disney+ subscription, six Vue or Odeon cinema tickets, a magazine subscription or a Coffee Club and Gourmet Society membership.
Club Lloyds pays interest on in-credit interest. This means on the first £4,000 it pays 1.5 per cent and then between £4,000 and £5,000 it pays 3 per cent.
For a balance over £5,000 it's not possible to earn interest.
This means an account holder can earn up to £90 credit interest per year if they hold a minimum of £5,000 in the account at all times.
First Direct
There are relatively few hurdles to jump over before getting bonus offers with a First Direct switch.
Customers will need to pay in at least £1,000 within three months of opening the account to receive the £175.
You can also get £250 a month in an interest-free overdraft and have access to a savings account paying 7 per cent.
You can use its debit card for free abroad unlike TSB which only offers fee-free use abroad while using its Spend and Save Plus current account.
