Major bank brings back free cash perk worth up to £190 – 5-minute move to boost your account balance
A MAJOR high street bank has brought back a free cash perk worth up to £190 – and it takes just minuted to get it.
TSB is offering the incentive to new customers who switch their bank account using the current account switching service.
Banks and building societies regularly run switching offers to draw in new customers but they usually only last for a limited time.
New customers switching to TSB’s Spend & Save, or Spend & Save Plus current account can get up to £190 in free cash within a year.
Switchers receive £100 in upfront money just for making the switch.
They can also receive up between £5 and £15 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 September 27.
Once you have done this, TSB will pay £125 into the new account between October 15 and October 25.
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.
Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs.
Are other banks offering switching bonuses?
Barclays
Barclays, gives new customers a £175 welcome bonus as well as other extras such as Apple TV and cashback with several retailers.
To get the reward, you need to use the Barclays app to switch to the bank by August 30.
The offer is for new customers who haven’t had an account since July 8 and who have never received a Barclays switch bonus.
To switch to Barclays and get the bonus, you need to download the app and open a Barclays Bank Account or Premier Current Account between July 8 and August 30.
If you open a Barclays Bank Account, you will also need to sign up for Blue Rewards in the Barclays app, which comes with a £5 monthly fee.
These rewards include Apple TV+ and MLS Season Pass subscriptions.
Customers can earn up to 15% cashback with participating retailers and up to 5% interest on their savings with a Rainy Day Saver.
You will then need to use the Current Account Switch Service to move your account from another bank to Barclays.
One of the conditions of the offer is that the switch must include at least two active direct debits and start by August 30.
You also need to pay at least £800 into your new Barclays account by August 30 to be eligible for the free cash.
Those who already have a Barclays current account open are not eligible for the offer.
Co-op
The Co-operative Bank has a free cash offer worth up £160.
The offer includes £100 paid up front for the switch, then a further £10 per month for six months to anyone who also opens a regular saver account – worth another £60.
Anyone who makes the switch will be credited the £100 free cash within seven days of meeting all the qualifying criteria.
The offer includes opening a Co-operative Bank Standard Current Account or Everyday Extra account.
How do I switch bank 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.
Under the switching service, swapping banks should take seven working days.
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, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.