A MAJOR bank has pulled a cash switching offer after just four days – but there’s still two others offering up to £215.
Banks and building societies regularly run switching incentives in a bid to lure in new business.
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The Co-operative Bank had launched one worth up to £150 on January 15, with customers able to get £100 up front.
But it closed the deal yesterday, just four days later.
A spokesperson confirmed it had been pulled due to high demand.
They said: “We have made the decision to withdraw our switch and save incentive in order to allow our teams to work through existing applications.”
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A message on the bank’s website adds new customers have to complete their switch from another bank to the Co-operative by February 16.
Luckily, if you’ve missed out on the Co-op Bank offer, there’s still two others you can snap up.
First Direct is offering up to £175 while TSB has launched a deal worth up to £215 in total. Here’s everything you need to know about both.
First Direct
Customers switching to a First Direct 1st Account can get £175 in free money.
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You have to pay a minimum of £1,000 within three months of opening the account and the cash is paid within 28 days.
Anyone who has opened a HSBC current account since January 1, 2020, won’t qualify for the switching offer.
First Direct is also offering a 7% regular saver account and £250 0% overdraft, if you are eligible.
There’s no monthly fee to maintain the 1st Account and you can withdraw abroad without charge.
TSB
TSB is offering customers who switch to a Spend and Save or Spend and Save Plus account up to £215 in free cash within the first year.
Switchers can get £125 up front and then £10 cashback each month for the first six months of holding the account.
They can then get a further £5 cashback per month for the next six months. The up front cash and total cashback works out as £215.
Customers have to make at least 20 debit card payments each month to qualify for cashback.
To get the £125 up front, you have to set up at least two direct debits, use your debit card at least once and log into the TSB mobile banking app by March 15.
Once you have done this, the money will be paid into the same account between March 20 and March 29.
New customers can also sign up to TSB’s “Rewards” portal which launched in December.
The portal offers customers discounts and savings across a number of retailers and brands.
Bankers can get 10% off qualifying Samsung purchases, 20% off on The Body Shop’s website, up to 45% off at Vue cinemas and more.
Bear in mind, if you do switch to a Spend and Save Plus account, there is a £3 monthly fee. There is no fee for the Spend and Save account.
How to switch current accounts
Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
You don’t have to remember to move direct debits across when moving as this is done for you.
All you have to do is apply for the new account you want and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, make sure you factor in what other perks might come with joining a specific bank or building society.
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Some banks over 0% overdrafts up to a certain limit while others offer better rates on savings accounts.
For example, TSB’s easy access Monthly Saver account offers customers 6% AER, fixed for 12 months, whereas the Co-operative Bank’s instant access Online Saver account offers just 2.65%.
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