Bank customers with the likes of Natwest, HSBC, Nationwide and Halifax or Lloyds have just five days left to claim instant switching bonuses worth up to £365 in total from Barclays and TSB, Martin Lewis’ MSE has warned.
Money Saving Expert, founded by money magician Martin Lewis, has warned that customers of major banks looking to switch for an instant cash bonus have less than five full days to claim the offers.
Barclays is offering a ‘rare’ £175 instant cash payment for switching, which is unusual as the bank does not normally give out switching bonuses.
Barclays also bundles in a very lucrative 5.12 percent savings account and a free Apple TV subscription.
Meanwhile TSB is giving customers £190 to switch to its accounts: £100 up front, and then six monthly payments of £15 per month on top, bringing the total to £190.
Switching is free and easy, and each bank is part of a switching service which will automatically close your old account and move your balance, including any standing orders and Direct Debits.
To get Barclays’ offer, you’ll have to move two Direct Debits to Barclays and join its Blue Rewards scheme as well as pay in £800 or more before August 30. Blue Rewards costs £5 per month but you only need to be a member for a single month to get the £175 bonus and then you can ditch it unless you want to make use of free Apple TV (normally £8.99) and access to its 5.12 percent saver.
TSB also offers free cinema tickets, a 6 month Now Entertainment membership or a one night hotel stay for two in its switch perks when it hands out extra bonuses in March 2025.
Then, simply spend on the debit card 20 times in each of the first six months to gain its £15 per month cashback bonus too.
Both offers are only open to new customers and it may affect your credit rating, although normally only for a short period of time, so it’s nothing to worry about unless you’re applying for a mortgage this week.
Martin Lewis’ MSE said: “Bank switch offers tend to be on-again, off-again and – with two free cash deals having already ended in the last month, and at least one of the remaining two soon following suit – we could be heading towards another off-again spell. So if you’re looking for some easy extra cash in your pocket, it’s time to take your pick.”
