Martin Lewis' MSE explains how you can get £210 for free from your bank account

22 September 2023 , 06:00

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In the recent MSE newsletter, Martin Lewis explained how you could get a free £210 from your bank (Image: Ken McKay/ITV/REX/Shutterstock)

Martin Lewis shared how you could get £210 for free by taking advantage of this new bank switching offer.

The Money Saving Expert (MSE) founder highlighted the switching offer in the recent MSE newsletter. He told readers that last week, all but one bank switching offered had disappeared from the market which was worrying. But not now - this week TSB launched a brand new switching offer which gives newbies £150 when they move to a Spend & Save or Spend & Save Plus account.

What's even better about this offer is that those who switch to these accounts have the chance to get £10 cashback over the course of six months. To earn the cashback, customers must make 20 debit card payments each month from this account.

The Money Saving Expert founder says with this, people who switch to this account could get £210 for free from TSB.

If you move to the Spend and Save Plus account, the same cashback is available for the first six months and it will then revert to £5 cashback a month. This means you could get a total of £90 cashback over the first year.

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However, if people want to take advantage of this they will need to be quick as the offer is only available until October 31. To get this, you will need to switch using the Current Account Switching Service (CASS), set up at least two direct debits, use your debit card at least once and log into the TSB mobile banking app. The TSB website says if these conditions have been met you should get the £150 incentive paid into your new account by November 30.

Sadly, you will not be able to take advantage of this offer if you have received an incentive or benefit for switching to TSB Bank since October 2022. If you cant take advantage of this offer - or just don't fancy it - then there are a few other incentives out there.

First Direct is offering people £175 to switch to their current account. This account also provides you with the chance to open a 7% regular savings account which you can put £300 a month into, has free overseas spending, and a 0% £250 overdraft. Martin Lewis often highlights FirstDirect's 90% or "great" customer service rating.

Nationwide has recently launched its £200 switching incentive alongside an 8% regular saver account which you can put £200 a month into. This savers rate is described as being the "best" rate for a decade.

Ruby Flanagan