TSB bank offering customers £200 for simple switch - here’s how to get it

New and existing TSB customers can get £200 free.

The bank is offering a switching incentive that offers customers who change to a TSB Spend and Save or Spend and Save Plus current account will get the money in two payments.

Customers will get £125 by September 30 if they open an account before August 31, 2023 using the Current Account Switch Service (CASS).

You will then receive £75 around March 31, 2024 if you spend on the debit card five or more times a month, pay in £500 or more and have two direct debits, This Money reported.

Customers also receive a £5 a month cashback for the first six months if they spend on the debit card 20 or more times a month with a Spend and Save account.

For Spend and Save Plus, you can receive the same cashback on an ongoing basis so customers can potentially earn £60 for the first 12 months.

Although, Save and Spend Plus comes with a £3 monthly fee but there are no TSB charges when using the card overseas.

According to Money Saving Expert, you can't have had a switch bonus from TSB since October 2022 to qualify for the incentives.

There are several other banks that are also offering similar incentives.

Natwest and RBS are offering £200 with fewer hoops to jump through than TSB.

People need to apply online or via an app to switch to a current account, which can also be the free Everday account.

Customers who switch will then need to deposit £1,250 into their new account and log into mobile banking within 60 days.

When people meet the conditions then Natwest will pay £200 into the new account within seven days.

Switchers can opt for Natwest's or RBS' reward account or Everyday account.

But Natwest's Reward account gives customers £4 a month if they set up two direct debits.

Customers will also receive an additional £1 each month for logging onto online banking which brings a total of an extra £60 a year.

Similarly, RBS gives an extra £4 per month cashback if you set up two direct debits.

But both of these accounts come with a £2 monthly fee.

The Select accounts have no monthly fee but they also don't get any cashback.

You can receive £150 if you switch to a Club Lloyds account but the offer ends on July 17.

But it could arguably be a better option than TSB because those switching to a Club Lloyds account can choose from a variety of "lifestyle benefits" each year.

It costs £3 a month to maintain the account but this doesn't apply so long as the account holders pay in £2,000 or more.

If you have an account, you can choose between a 12-month Disney+ subscription, six Vue or Odeon cinema tickets, a magazine subscription or a Coffee Club and Gourmet Society membership.

Club Lloyds pays interest on in-credit interest. This means on the first £4,000 it pays 1.5 per cent and then between £4,000 and £5,000 it pays 3 per cent.

For a balance over £5,000 it's not possible to earn interest.

This means an account holder can earn up to £90 credit interest per year if they hold a minimum of £5,000 in the account at all times.

There are relatively few hurdles to jump over before getting bonus offers with a First Direct switch.

Customers will need to pay in at least £1,000 within three months of opening the account to receive the £175.

You can also get £250 a month in an interest-free overdraft and have access to a savings account paying 7 per cent.

You can use its debit card for free abroad unlike TSB which only offers fee-free use abroad while using its Spend and Save Plus current account.