TSB has announced it will be withdrawing its £150 bank switch offer in a matter of days.
New customers have until Monday, October 9 at 23.59pm to switch their current account to TSB using the Current Account Switch Service (CASS).
The offer applies to those who switch to a Spend and Save or Spend and Save Plus account and people can apply online, in a branch or in the TSB Mobile Banking app.
To qualify for the incentive, customers will also need to set up at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app.
If these conditions are met, TSB will pay £150 into the new account by November 30, 2023.
Customers can also earn £10 in cashback each month for the first six months with a Spend and Save account, totalling £60.
For Spend and Save Plus, the same cashback is available for the first six months, after which it will return to £5 cashback per month, amounting to a total of £90 in the first 12 months.
To earn their cashback, customers need to make a minimum of 20 debit card payments each month.
While TSB’s bank switch deal may soon be drawing to a close, there are a number of other offers that are still available.
Online bank, first direct, is offering £175 to customers who switch to its 1st account using CASS. To qualify, they must credit £1,000 to the account within three months.
Lloyds Bank is also offering £175 to customers who switch to its Club Lloyds account using CASS by November 14, 2023. They must credit £1,500 and log into online or mobile banking.
Nationwide is offering £200 to customers who switch to its FlexDirect account using CASS when at least two direct debits are switched.
Once the switch is complete, customers must make 20 or more debit card payments each month to receive up to £60 cashback in the first six months.
Commenting on the market, Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Current account providers have launched some enticing perks for customers looking for a new bank account, with some free cash of up to £200 on offer upfront.
“Consumers who switch using the Current Account Switch Service (CASS) have a variety of free cash perks to choose from, but there are alternative accounts offering some attractive benefits elsewhere, such as cashback on spending, high credit interest or a competitive overdraft tariff.”
However, Ms Springall noted: “The right current account does depend on someone’s individual circumstances, so it’s important consumers are not swayed by free cash alone, albeit tempting in the run-up to the festive season.”