Major bank’s £160 offer is about to expire – but you can get a better deal

By ANGHARAD CARRICK

Updated: 12:39 GMT, 27 February 2025

TSB is pulling the plug on its current account switching deal today, but other high street banks have even more generous perks if you want to cash in.

TSB will end its £160 offer for new customers who switch to its current account. 

It had offered £100 for switching and up to £60 cashback if customers stayed for six months.

Savvy Britons have long used major banks’ generous switching offers to cash in and it is easier than ever thanks to the Current Account Switching Service.

The service, which launched in 2013, allows customers to switch online and will compensate you if anything goes wrong.

Switching offer: TSB’s £160 deal will come to an end today but customers can still bag cash for switching with other banks

Last year, there were nearly 1.2million switches with nearly a quarter in the last three months of the year. 

Any payments that are accidentally paid into your old account will be redirected, and most importantly, the switching process should be completed within seven days.

While TSB might be closing its deal, plenty of other major banks are offering customers even more cash to move.

First Direct will pay customers who switch their first account £175 within 45 days, but you will need to deposit £1,000, make at least five debit card payments, and log on to digital banking. 

You will only be eligible if you haven’t previously been a First Direct or HSBC customer.

Nationwide is also offering £175 to those who switch and set up two direct debits from their account. 

Like First Direct, you will need to put at least £1,000 into the account, which doesn’t include transfers from other Nationwide accounts, and pay for something using your card.

Customers tempted by a Lloyds account could also bag £175 if they open a new Club account, which come with varying fees of up to £22.50 for its platinum account. 

But you only have until 14 April to take up the offer before it ends.

The switch must include the transfer of three active direct debits from your old account.

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Major bank’s £160 offer is about to expire – but you can get a better deal

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