The TSB deal is no longer on the market. Please see our best bank switching guide for up-to-date deals.
It seems the bank switching battle is coming to an end, with only one deal left on the market - but even that will be dropped at11:59pm today (31 January 2024).
TSB's bank switch offer, which gives £185 when you move to it, will close today, so you will need to act fact if you are considering the switch.
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This comes as moving current accounts reached a record high in the last quarter of 2023 when the Current Account Switch Service (CASS) facilitated 443,701 switches.
As a result, the CASS has now helped more than 10 million current account holders switch off the back of free cash incentives, since it launched back in 2013.
In the past year, we have seen a wave of high-street lenders offer an attractive sum when you switch to them. For example, Nationwide offered up to £200 and Barclays were giving a £175 bonus.
Unfortunately, these deals have all been withdrawn leaving one deal up for grabs, and some experts believe the drought in the bank-switching market will not subside any time soon.
Sarah Coles, head of personal finance at Hargreaves Lansdown said: “Banks may not be keen to step into the gap, largely because the market is expecting interest rates to fall.
“At the moment, they’re factoring in cuts from as early as May – and several more as we go through the rest of the year. In an environment of falling rates, customers are less valuable to banks, so they’re less willing to pay to get them on board.”
Right now, TSB is offering up to £185 free cash if you switch before midnight. Here are the full details on how to make the switch.
How to switch to TSB and get up to £185
New customers can get a £125 bonus by switching to the TSB Spend & Save current account by 11.59pm tonight (31 January 2024).
To qualify for the £125, you will need to do the following:
- Apply for the TSB current account and start the full switch before 11.59pm tonight. The switch must be completed within 21 days of requesting a switch through the CASS.
- Make a minimum of one payment using the TSB debit card by 15 march
- Have at least two active direct debits on your new TSB account by 15 March
- Log into the TSB mobile banking app at least once by 15 March
You will receive the £125 free cash into your new TSB current account between 20 March 2024 and 29 March 2024, provided that the above criteria is met.
See our bank switching guide to find out how you can earn a further £60 cashback with TSB to receive up to a total £185 free cash.
You are not eligible for this switching deal if you have taken advantage of a TSB switching bonus since 1 October 2022.
If you don’t get a chance to snap up this offer before midnight, Coles recommends still switching bank accounts if your current one isn’t serving you well. “Even after the last of the switching deals disappear, there’s still no reason for you to tolerate a disappointing current account.”
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