Martin Lewis, founder of Money Saving Expert (MSE), has highlighted a new bank switching offer from TSB that could net customers up to £210 for free. In the latest MSE newsletter, Lewis noted that last week almost all bank switching offers had disappeared, but TSB has launched a new incentive for those moving to a Spend & Save or Spend & Save Plus account.
New customers who switch to these accounts receive a £150 cash incentive. Additionally, they can earn £10 cashback each month for six months by making 20 debit card payments per month. This totals £60 in cashback, bringing the overall potential gain to £210. For those opting for the Spend & Save Plus account, the cashback drops to £5 per month after the first six months, yielding £90 over a year.
The offer is available until October 31. To qualify, customers must switch using the Current Account Switching Service (CASS), set up at least two direct debits, use their debit card at least once, and log into the TSB mobile banking app. The £150 incentive will be paid by November 30 if conditions are met. However, those who have received a switching incentive from TSB since October 2022 are not eligible.
For those unable or unwilling to take up the TSB offer, other incentives are available. First Direct offers £175 for switching, along with a 7% regular savings account (up to £300 per month), free overseas spending, and a 0% £250 overdraft. Nationwide is offering £200 for switching, plus an 8% regular saver account (up to £200 per month), which Lewis described as the best rate in a decade.
