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Wednesday, July 6, 2022

The best bank accounts for switching bonuses

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Banks use current account switching bonuses as a way of enticing new customers. TSB is the latest to enter the fray by offering a ₤ 130 switching bonus and up to ₤ 70 cashback in your first year as a customer.

TSB will give you ₤ 130 for switching to its Classic Plus current account with the chance to earn cashback in your first year too. We take a look at how it compares.

You can compare the benefits and features of the top current accounts by visiting the loveMONEY comparison centre, or you can read on to see out a summary of the top offers.

Earn up to 3% on your cash: compare current accounts now

TSB– ₤ 130 cash bonus + up to ₤ 70 in cashback

TSB is now offering the opportunity to earn up to ₤ 200 in the first year you have its Classic Plus account: ₤ 130 for switching to it and up to ₤ 70 (₤ 10 per month) for spending on your debit card at least 20 times per month and paying out two Direct Debits from the account each month until June 2018. You need to apply for your account (which you can do here) by 4 December and have completed your switch using the Current Account Switch Service by 22 December.

Plus the account also pays interest of 3% on up to ₤ 1,500, so long as you credit the account with ₤ 500 each month, and register for online banking, paperless statements and paperless correspondence.

M&S Bank– ₤ 185 in gift cards

Once everything is wrapped up, a ₤ 125 switching bonus will appear in your account.

The M&S Premium Current Account offers all that plus a range of other benefits in return for a ₤ 10 monthly fee.

You just need to switch to the M&S Current Account or M&S Premium Current Account using the Current Account Switch Service and move a minimum of two active Direct Debits.

Direct– ₤ 100.

You can then get a ₤ 5 top up on the gift card each month that a minimum of ₤ 1,000 is paid into your account and two Direct Debits remain active, for up to 12 months after you switch.

Other accounts like the Santander 123 Current Account, for example, offer decent levels of interest that could provide more value in the long-term, and not just give your bank balance a quick boost.

When switching current account, it’s important to consider what your long-term needs are as well as the short-term gains a cash or voucher bonus can provide.

It also comes with a satisfaction guarantee. Direct promises to pay ₤ 100 to those unhappy with the account that decide to leave within a year of joining.

That’s a total of ₤ 185 in year one– provided you meet all the criteria.

Direct offers a ₤ 100 incentive to those that open its 1st Account and pay in at least ₤ 1,000 within three months.

With the account, you can get yearly vouchers worth ₤ 95 including a birthday gift worth ₤ 10, 48 hot drink vouchers per year worth ₤ 127, preferential rates on selected products, access to exclusive offers and triple points in M&S stores and online.

The fee-free M&S Current Account gives you access to a monthly savings account paying 5%, ₤ 100 fee-free overdraft and the chance to earn M&S Loyalty points each time you spend.

There’s a ₤ 10 monthly fee for the account after six months unless you pay in at least ₤ 1,000 a month or hold another First Direct product.

Sadly, it’s not a cash reward, but you can pocket ₤ 185 in M&S vouchers when you join M&S Bank and stay for 12 months.

The account comes with a ₤ 250 interest-free overdraft, exclusive access to leading rates on savings and loans, plus an award-winning level of customer service with real people on hand 24/7.

Finding the best deal.

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