A MAJOR bank is offering customers up to £260 in free cash – here's how to claim it.
TSB has launched its new switching incentive to help lure new customers in and persuade them to open a current account.
It comes as First Direct, Lloyds Bank and Santander also launched switching incentives offering new account holders up to £200 in free cash.
But TSB is offering selected new customers more cash.
All customers who switch to a TSB current account using the Current Account Switch Service (CASS) will get £200 in free cash.
Those who open a TSB Spend & Save will get a further £30 in cashback in the first six months as long as they make 20 debit card purchases per month.
And those who open a TSB Spend & Save Plus account will get a further £60 of cashback – but bear in mind that this account comes with a £3 monthly fee.
Customers will get the first instalment of the switching bonus worth £125 by April 21 after setting up at least two direct debits, using their debit card at least once and logging into internet banking.
A further £75 in free cash will be paid into new accounts by October 31 as long as the customer pays at least £500 into the account each month as well as five debit card and two direct debit payments per month.
TSB’s Spend & Save and Spend & Save Plus accounts also come with instant access savings paying 2.52% AER variable.
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But we've found better easy access savings rates offered by challenger banks.
For example, Shawbrook Bank pays accountholders 2.92% back on savings worth more than £1,000.
Ian Ramsden, TSB’s products director, said: "Our current accounts provide convenient ways to help you manage your money better and this offer, alongside our increased savings rates, is another great reason to make the switch."
Which other banks offer free cash?
Santander, Lloyds and First Direct are also offering switching bonuses.
Santander is offering new and existing customers £200 if they move over to one of five current accounts.
Meanwhile, Lloyds is offering £200 to customers transferring to a Silver or Platinum Account.
First Direct is offering £175 to anyone who opens a 1st Account.
How do I switch bank account?
It's easy to switch your bank account using the Current Account Switch Service (CASS).
You don't have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you're moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
How to find the best bank accounts
With your current rates in mind, don't waste time looking at individual banking sites to compare rates – it'll take you an eternity.
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Research websites like MoneyFacts and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will help save you time and show you the best rates available.
These sites let you tailor your searches to an account type that suits you.
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