TSB is now offering what MoneySavingExpert has called the "biggest bank switching reward of the year".
New customers are able to get up to £310 in total value by moving their current account.
The deal includes £190 in direct free cash, plus a £120 reward that comes in the form of either a hotel voucher or a year's activity pass.
To get the bonus, customers need to switch their existing current account to TSB's Spend & Save account using the official switching service.
The first part of the bonus is straightforward. Switchers who make five debit card payments and log into the TSB app by July 19 will receive £100. This is paid directly into the account after meeting the criteria.
After that, TSB offers £15 a month for six months, which adds up to another £90. To get each monthly payment, customers need to make 20 or more debit card purchases within that month.
Then in December, there's a final reward. If customers again make 20 or more debit card payments during that month, they can choose a reward worth £120. This can either be a hotel voucher or a 12-month activity pass.
If customers again make 20 or more debit card payments during that month, they can choose a reward worth £120
PAThe hotel voucher gives £120 of credit through Expedia’s Travel Credits platform. It can be used to book stays across a range of hotels, with no minimum spend required. Prices on the platform are usually the same as Expedia’s main site.
The alternative reward is a year’s worth of access to the National Activities Network. This includes things like escape rooms, trampoline parks, museums, and more. However, the pass only covers one person, so it may not be ideal for families.
There is no minimum monthly income required to qualify for the deal. Customers must use the seven-working-day switch service, which transfers all Direct Debits and standing orders to the new account. The old account is automatically closed.
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Customers must use the seven-working-day switch service
GETTYIncoming payments, such as wages or benefits, will be forwarded to the new account. Customers will also need to pass a standard credit check.
Martin Lewis’s MoneySavingExpert notes that switching is usually simple. In a recent poll of over 5,000 people who had switched banks, nearly 90 per cent said the process was easy and hassle-free.
TSB's offer also includes a linked regular saver account. This pays five per cent interest, fixed for one year. Customers can save up to £250 a month, which could earn around £71 over the year.
Other banks are offering switching incentives too. First Direct is giving £175 to new customers, while Co-op Bank is offering a total of £175 through a combination of upfront and monthly payments.
NatWest is paying £150 plus monthly cashback
GETTYNatWest is paying £150 plus monthly cashback. However, it charges a £2 monthly fee, which slightly reduces the benefit.
TSB’s offer stands out because of its high total value, its simplicity, and the fact that there is no requirement to pay in a set amount each month.
The deal is open to new customers who haven't received a TSB switch bonus in the last 12 months. Full details and eligibility rules are available on TSB’s website.
