Big big bank is scrapping its £185 free cash offer within HOURS after just weeks
A BIG bank is scrapping a free £185 cash offer in just hours – we explain how to claim it.
TSB is offering new customers switching to one of two current accounts up to £185, with £125 up front.
But bankers will have to be quick as they only have until the end of today (January 31) to file a claim.
New customers can get £125 from TSB by switching to the Spend and Save or Spend and Save Plus account.
Plus, they can earn £10 double cashback every month for the first six months, and then £5 per month after this period.
To earn the monthly cashback, you must make at least 20 debit card payments.
You can request the switch on the TSB website, in the branch or via its app, which can be downloaded from Google Play or the Apple App Store.
To earn the £125, you'll need to set up at least two direct debits, use your card at least once and log into the TSB mobile app before March 15.
TSB will then deposit the money into your new account between March 20 and March 29.
Customers who choose the Spend and Save account will not have to pay any monthly fees, but the Spend and Save Plus account will be charged £3 per month.
It comes after TSB launched the bonus a few weeks ago – on January 15. It also follows two other banks that recently withdrew their switching offers.
The Co-operative Bank reduced its 'switch and save' offer from £150 on January 19, just four days after launch, due to high demand.
First Direct scrapped its £175 switching bonus six days later after it was first revealed in August 2022.
This means that after today, switching bonuses will no longer be available to customers.
But banks and building societies regularly release new offers, so it's worth keeping your eyes open.
You don't have to switch just once either; some smart savers have made hundreds of dollars doing several.
How to switch bank accounts
In most cases, you can switch bank accounts via the Payment Account Switching Service (CASS).
Dozens of major banks and building societies are affiliated, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies can be found on the CASS website.
All you have to do is apply for the new checking account you want. The new bank tells your existing current account that you are switching.
Any direct debits will be passed on for you, but you can do a number of things before submitting the application.
This includes choosing the date on which you switch and transferring any old bank statements to your new account.
You can obtain this from your existing bank.
When you switch banks, make sure you check what other benefits come with the checking account.
One bank may offer a better interest rate for savings accounts, or an interest-free current account facility.
Switchers to TSB, for example, can access the banks' 'Rewards Portal', which was launched in December.
It offers customers discounts on purchases from a number of retailers and brands, including The Body Shop, Vue and Samsung.
Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.
Moreover, you can join us Sun Money chats and tips Facebook group to share your tips and stories.