Another bank is pulling its switch offer - final days to get free £185 payment

30 January 2024 , 14:00

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The TSB offer runs out at 11.59pm tomorrow (Image: Getty Images/iStockphoto)

TSB is the latest high street bank to pull its switch offer - with just hours left to claim up to £185.

Customers have until 11.59pm on January 31 to switch to the TSB Spend and Save current account to get £125. In addition to this, you can also claim £10 a month in cashback in the first six months of opening the account.

This takes the total amount you could claim to £185. You’ll need to start the switch using the Current Account Switch Service, through the TSB website, in branch or in the TSB mobile banking app. Once you’ve started the process, set up at least two direct debits, use your debit card at least once and log into the TSB app by March 15 to get the £125. TSB will pay the £125 between March 20 and March 29.

To earn the additional cashback, customers must make 20 debit card payments each month, for the first six months of opening the account. The switch offer is also available with the TSB Spend and Save Plus account, but this comes with a £3 monthly fee. You won’t be eligible for any switch money if you’ve had a switch bonus from TSB since October 2022.

Banks offer switching incentives such as this to entice customers into moving their cash over - but recently, the pool of offers has dried up. TSB remains the only bank currently offering newbies free cash to switch after two rival lenders recently pulled their incentives.

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First Direct axed its £175 switch offer last week, shortly after the Co op bank pulled its £150 switch deal after four days earlier this month due to high demand. Many money-savers have previously reported huge successes by completing multiple moves in one year - in fact, one Martin Lewis fan previously explained how they made £2,000 in a year by switching and used the money to pay for holiday.

However, if you’re going to be putting in a big credit application soon, such as a mortgage, you may want to hold off on doing multiple switches. This is because each application to switch will show on your credit file. MSE recommends not completing any bank switches for at least six months before you plan on taking out the credit.

Levi Winchester