Brits could get free £210 for switching to TSB account now | Personal Finance | Finance

Brits seeking to enhance their savings this autumn could pocket £210 simply by switching their bank account. A leading bank is currently offering this cash incentive to attract new customers.

Switch deals are fairly common, with banks using them as a way to attract new customers.

Therefore, it is always worth keeping an eye out for the latest offers.

Money Saving Expert (MSE), the website established by Martin Lewis, outlined the top switching deals currently on offer.

The site explained: “Banks sometimes offer switch incentives – 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.”

Currently, TSB is providing the most substantial cash reward for making the change.

By moving to its Spend & Save account, customers can secure £150 immediately.

The bank can also deliver £10 monthly for three months plus £5 monthly for six months – amounting to £210 in total.

MSE’s experts said: “You get the upfront £150 just for switching to TSB Spend & Save. But to max the reward, you’ll need to use the debit card for spending each month.”

It detailed the two separate cashback offers:

• £10 a month for three months (£30 total) – this starts in the first calendar month after the month in which you receive the £150 bonus, if you make 20 plus debit card payments each month
• £5 a month for up to six months (£30 total) – this begins as soon as you open the account, if you make 20 plus debit card payments per calendar month

MSE stated: “As the £5 a month period starts right away and the £10 a month period only kicks in later, the two offers can overlap. That means it’s possible to get a full £60 cashback on top of the £150 bonus, so a total of £210 free cash.”

The team advised opening the account at the beginning of a calendar month to maximise your chances of receiving all six £5 monthly payments. Additionally, the account provides access to a regular saver, offering five per cent interest on up to £250 a month, fixed for 12 months.

To qualify for the bonus:

• You must not have received a switch bonus from TSB since 1 Oct 2022
• Before 9 December, switch an account from a different bank, deposit £1,000 or more, use the debit card five or more times and log in to the mobile app

The £150 will then be paid within 28 days of meeting the above criteria. For more information, visit the MSE website here.