Major bank to pull £185 payment perk within days – how to get the free cash NOW before it’s gone
A MAJOR bank is about to pull a £185 payment perk within days.
TSB offers new customers who switch their bank account using the current account switching service up to £185 in free cash.
However, the bank is ending this switching offer on Wednesday, January 31.
It means customers wishing to bag the free cash, will need to act within the next two days.
New customers switching to TSB’s Spend & Save, or Spend & Save Plus current account can get up to £185 in free cash within a year.
Switchers receive £125 in upfront money just for making the switch.
They can also receive up to £10 cashback each month for the first six months.
You must make at least 20 debit card payments to earn monthly cashback.
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 March 15.
Once you have done this, TSB will pay £125 into the new account between March 20 and March 29.
Bear in mind that the TSB Spend & Save card doesn’t have a monthly fee, but the Spend & Save Plus account will charge you £3 a month.
Two other major high street banks recently pulled their switching offers.
First Direct paused its £175 switching incentive on January 26, after launching the deal in August 2022.
The Co-operative Bank also pulled its cash switching offer after just four days.
The deal was worth up to £150 and launched on January 15, with customers able to get £100 up front.
However, the free cash perk was pulled January 20.
TSB remains the only bank currently offering newbies free cash to switch – but not for long.
How to switch current 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.
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, make sure you factor in what other perks might come with joining a specific bank or building society.
Some banks over 0% overdrafts up to a certain limit while others offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts.
In other news, The Sun spoke to 24-year-old Alex Welford about how he boosted his income by £1,000 solely by switching banks.