TSB pulls £150 switching deal - what are the alternatives?

TSB has pulled its current account switching deal only four weeks after its launch. The offer, which was one of the best offers for switching banks, offered an attractive £150 free cash when you switched to one of its Spend and Save current accounts, plus up to £60 cashback over six months. Combined, the two offers allowed switchers to bag up to £210 in free cash.

The deal launched around mid-September when an influx of other switching offers came on the market. Lloyds sprung its £175 offer on the market just a day after TSB, and Nationwide followed with its market-leading £200 switching deal. 

It’s no surprise that banks are taking advantage of switching deals to attract new customers, as data from the Current Account Switch Service (CASS) shows around 6,100 more current account holders switched banks in August compared to January this year, with cash incentives luring in customers. 

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Sarah Coles, head of personal finance at Hargreaves Lansdown said: "It’s always worth bearing in mind a switching bonus isn’t in itself a good reason to choose a bank. The underlying account itself is more important, and whether it suits your needs.

If an account you like is currently running a deal, then don’t put off switching, because you never know how long these bonuses will last for."

We don’t expect these deals to last for long. So if you’re looking to bag quick, easy cash by switching bank accounts, you will need to act fast.

Here are the remaining top three switching deals on the market right now, offering up to £200 free cash. 

What switching deals are on the market right now? 

To switch to any of the bank accounts below, you will need to use the CASS. It will make the process seamless moving all of your money, direct debits and standing orders to your new account within seven days and then closing your old account. 

Nationwide - Get £200 plus earn 8% AER on savings

Nationwide - Get £200 plus earn 8% AER on savings

The good news the table-topping switching deal from Nationwide is still around, offering £200 in free cash. Plus, by switching you can take advantage of its market-leading 8% regular saver. 

You will need to switch to either a Nationwide FlexAccount, Nationwide FlexDirect account or a Nationwide FlexPlus account. If you’re already a Nationwide current account holder who holds a current account with a different bank, you can switch that account to your existing Nationwide current account and complete the switch. 

You can open a Nationwide current account online on its website, through its mobile banking app or in branch. You will then need to request a switch as part of your application. 

To qualify for the £200, you will need to: 

Find out how you can earn a total of £337 when you switch to Nationwide, by taking advantage of the free £200 cash, its regular saver and 5% interest on balances. 

You won’t be eligible for this offer if you have already taken advantage of a Nationwide switching incentive after 18 August 2021. 

First Direct - Get £175 plus 7% AER on savings*

First Direct - Get £175 plus 7% AER on savings*

New customers who have not held a First Direct current account previously can switch and bag £175 free cash.  Plus, you can get access to First Directs 7% AER regular saver which features on our best buy table. 

To be eligible, you will need to pay in at least £1,000 within three months of opening your account.

Note, if you have opened a current account with First Direct or its sister bank HSBC on or after 1 January 2020, you will not be eligible for this offer. 

*When you sign up via this link, we may earn an affiliate commission from this deal.

Lloyds Bank - get £175

Lloyds

If you’re looking to switch to a packaged bank account, this Lloyds switching deal may suit your needs. The provider is offering £175 free cash when you switch to one of their three Club Lloyds accounts. 

You must use the CASS to switch, and once complete you will receive your £175 within 10 working days of starting the switch. 

The catch here is, the current accounts charge a monthly fee: 

If you pay in at least £2,000 to your Silver or Platinum account, you can waive the £3 monthly fee. 

Of course, with the monthly charge comes perks. 

With all of the Club Lloyds accounts you get to choose a lifestyle benefit each year. Pick from six cinema tickets, free Disney Plus for 12 months, a Gourmet Society subscription, an annual magazine subscription or a digital coffee club subscription. 

Plus, get access to Lloyds exclusive 6.25% AER monthly saver which features on our best regular savers guide. You can also earn 4% AER with the Club Lloyds Advantage saver or ISA saver. 

Other perks include 15% cashback at selected retailers when you use your Lloyds debit card and exclusive travel money and mortgage offers. 

With a Club Silver Lloyds account, the perks heat up. You can bag European and UK family travel insurance, plus mobile phone insurance and  AA breakdown family cover.

And finally, with a Club Lloyds Platinum account, you can upgrade to worldwide family travel insurance. 

You are not eligible for this offer if you have held a Lloyds Club current account previously, and if you have received a switching incentive from Lloyds or its sister bank Halifax since April 2020. 

This offer ends on 14 November. 

Read our full guide on the best bank switching offers on the market right now for more deals.