Major high street bank to axe £185 free cash offer in HOURS after just weeks – take action now before it’s too late

A MAJOR high street bank is axing a £185 free cash offer within hours – we explain how to claim it.

TSB is offering new customers who switch to one of two current accounts up to £185, with £125 up front.

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But bankers will need to be quick as they only have until the end of today (January 31) to start a claim.

New customers can get £125 from TSB by moving across to either the Spend and Save or Spend and Save Plus account.

Plus, they can earn £10 double cashback each month for the first six months and then £5 a month after this period.

You must make at least 20 debit card payments to earn the monthly cashback.

You can apply for the switch on TSB’s website, in branch or via its app, which can be downloaded via Google Play or the Apple App Store.

To earn the £125, you have to set up at least two direct debits, use your card at least once and log into the TSB mobile app by March 15.

TSB will then pay the cash into your new account between March 20 and March 29.

Customers opting for the Spend and Save account won’t have to pay a monthly fee, but the Spend and Save Plus account charges £3 a month.

It comes after TSB launched the bonus just weeks ago – on January 15. It also follows two other banks recently pulling switching offers.

The Co-operative Bank cut its £150 “switch and save” offer on January 19, just four days after launch, due to high demand.

First Direct axed its £175 switching bonus six days later after first unveiling it in August 2022.

It means after today there will be no switching bonuses available for customers.

But banks and building societies regularly bring out new offers so it’s worth keeping your eyes peeled.

You don’t just have to switch once either, some savvy savers have earned hundreds of pounds from doing multiple ones.

How to switch bank accounts

Switching bank accounts, in most cases, can be done via the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.

The full list of participating banks and building societies is on CASS’ website.

All you have to do is apply for your desired new current account and the new bank will tell your existing one you’re making the switch.

Any direct debits are moved across for you, but there are a few things you can do before applying.

This includes choosing the date you switch and transferring any old bank statements to your new account.

You can get these from your existing bank.

Whenever switching banks, be sure to check what other perks come with the current account.

One bank might be offering a more competitive savings account rate, or an interest-free overdraft facility.

For example, switchers to TSB can open up the banks’ “Rewards Portal”, which launched in December.

It offers customers discounts when buying from a number of retailers and brands including The Body Shop, Vue and Samsung.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories.

This post first appeared on thesun.co.uk