Almost 1.4 million people moved their bank accounts in the last 12 months to October, according to the Current Account Switching service – a 55 percent increase on the previous year.
A few banks have recently announced new switching bonuses, including TSB and Co-op Bank.
Providers are offering up to £185 just for individuals to switch their bank to them. Some of these banks are also offering high interest on their current accounts meaning savers can get more for their money.
As the cost of living crisis continues, switching banks may be one of the easiest ways to get free cash to help towards bills.
TSB offers £185 for switching
New customers who switch to a TSB Spend & Save current account can get £125 free cash, plus £10 a month cashback for six months (so a total of £185).
To get the £125 switching cash, savers will need to:
- Apply for the TSB Spend & Save account and start a full switch using the Current Account Switching Service before TSB withdraws the offer (it has not given an end date yet).
- Make at least one payment using the new TSB debit card by March 15
- Log in to the TSB mobile banking app at least once by March 15
- Have at least two active direct debits on their new TSB account by March 15
Once people have done this, TSB will pay £125 into their Spend & Save account between March 20, 2024 and March 29, 2024.
To earn the £60 cashback, savers need to make at least 20 debit card payments each month for six months
The Spend & Save account also gives access to a linked saving account paying 2.92 percent AER interest, however there a higher offers available.
People won’t be eligible for this switching deal if they have taken advantage of a TSB switching bonus since October 1, 2022.
Co-Operative bank offers a free £150 for switching
New customers can earn £150 by switching to a Co-operative Bank current account, with the bonus broken up into two parts.
To get the £100 switching bonus people need to open a Co-op current account and complete the switch using the Current Account Switching Service.
Then within 30 days of the switch completing they should:
- Deposit at least £1,000
- Set up at least two direct debits or standing orders
- Make five debit card transactions
- Register for online banking services or mobile app
The £100 will be paid into their account within 40 days of the switch being complete.
To get the £50 savings bonus, savers need to:
- Met all of the criteria for the £100 bonus
- Open either Co-op’s Base Rate Tracker or Online Saver savings account (if you don’t have one already).
- Have at least £25 in your eligible savings account 45 days after your current account switch completes.
The £50 will then be paid to them within 60 days of completing the switch.
To be eligible for this deal, they can’t have received a bank switching offer from Co-operative Bank since November 1, 2022.
First Direct offers £175 for switching
First Direct has had a long-running switching offer and is renowned for its great customer service.
New customers can get £175 cash plus seven percent AER (fixed) regular saver and an ongoing £250 overdraft at zero percent.
To be eligible customers can’t have held a current account with HSBC on or after January 1, 2020.
To receive the bonus people need to pay a minimum of £1,000 into their r new account within three months of opening it.
The account also offers a linked seven percent AER (fixed) regular saver on up to £300 a month and fee-free overseas spending
