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Current account customers switching to TSB could bag £300

Written by: Paloma Kubiak
New TSB current account customers can net nearly £300 in cashback and switching incentives in the first year, as long as they meet a number of criteria.

Anyone switching their existing current account to the TSB Classic Plus current account via this special MoneySuperMarket link can bag £130 cashback.

The deal runs until 26 June and you need to complete the move via the current account switch service by 14 July.

The TSB Classic Plus current account also allows customers to earn £5 a month for setting up at least two direct debits each month and an extra £5 when they make 20 debit card payments each month. The maximum that can be earned over the 12 months here is £120.

TSB’s offering also includes 3% AER (variable) interest on balances up to £1,500, as long as customers deposit a minimum of £500 a month and register for internet/paperless banking. This means the maximum interest that can be earned in the first year stands at £45.

In total, switchers can earn £295 in their first year of moving to TSB.

The verdict

A number of banks and building societies attempt to entice savers with incentives such as cashback upon successful account registration as well as ongoing rewards for setting up direct debits or hitting minimum monthly deposits or spending patterns. However, many have scaled back the switching incentives recently.

The TSB offer via MoneySuperMarket stands above those currently available in the market.

The comparison site is also enabling customers switching to first direct to get a £125 cashback offer (you’ll get £100 if you go straight to first direct rather than through the MoneySuperMarket link) which is available until 3 July as long as a minimum £1,000 is deposited into the account within the first three months of opening. These switchers will also be able to open the first direct linked saver paying 5% for the first 12 months.

Alternatively, switchers going to M&S Bank directly can earn up to £185 in gift cards in the first year.

The high-street retailer is offering new current account customers a £125 gift card for the initial switch, followed by £5 a month for the first 12 months (£60 maximum).

Customers can also open its linked savings account which pays 5% AER on up to £250 (£81 interest over the year) so the maximum available for the move in the first year is £266 through a combination of gift cards and cash.

Other notable switching offers are from the Co-Operative Bank (£110) when at least four active direct debits are set up. It also includes up to £5.50 per month as part of its ‘Everyday Rewards’ for debit card spending and as long as £800 is paid into the nominated account each calendar month. Halifax’s switch incentive is £75.

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