Finance experts have alerted Brits to a new bank account switch that will pay you £100 upfront. The offer also comes with £10 a month cashback for six months for qualifying customers.
In an update, Money Saving Expert (MSE) – the consumer website established by Martin Lewis – highlighted a switch deal currently on offer from TSB Bank. However, you have to make the switch before March 14 to benefit from the free cash.
MSE explained: “Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them.
“Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.”
It listed the Spend & Save account from TSB as one offering a good switch deal.
With this switch you can earn £100 upfront, £10 a month cashback for six months, plus a choice of an extra reward in September.
“To max the reward on the TSB Spend & Save you’ll need to use the debit card for spending each month,” MSE said.
“Switch to it, log in to its mobile app and spend on its debit card five or more times by 14 March to qualify for the upfront £100, plus spend on its debit card 20 or more times in each of the first six months to qualify for the £10 a month cashback.”
If you also make 20 or more debit card payments in August, you’ll earn an extra reward the following month.
This includes a choice of a one-night hotel stay for two (at selected hotels), six Odeon cinema tickets, or a six-month Now Entertainment membership.
The account also gives access to a regular saver, offering six percent interest on up to £250 a month, fixed for 12 months. This could equal £86 in interest over that time.
To get the £100 bonus:
- You can’t have had a switch bonus from TSB since October 1, 2022
- Open the account online, in-app or in branch
- Switch in an account from a different bank before March 14
- Also before March 14 , spend on the debit card five times and log in to the mobile app
The £100 will then be paid between March 28 and April 11. On its website, TSB adds that customers can have an overdraft worth up to £2,000 with this account, subject to application and approval.
Previously MSE has also listed switch deals from First Direct, Nationwide, and Santander among the best offers at the moment.
