Two major banks are giving away up to £215 in free cash – see how to claim in just minutes

TWO major banks are giving away up to £215 in free money – and you can start claiming the cash in just minutes.

Banks and building societies regularly run incentives for new customers who switch their current accounts across.

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Some offer you upfront money while others give you ongoing cashback when spending money on bills, food and clothes.

First Direct has been offering customers £175 for switching to a 1st Account since the end of last year, but had been the only one up until today.

Liz Edwards, editor-in-chief at personal finance site finder.com, said this was because the start of the calendar year is often quiet as banks rebalance their budgets.

However, TSB and the Co-operative Bank have both today launched switching bonuses worth up to £215 total.

New customers who switch to a TSB Spend & Save, or Spend & Save Plus current account can get £125 and up to £90 in cashback in the first year of opening one of the accounts.

Meanwhile, the Co-operative Bank is offering £100 in up front cash and a £50 savings bonus.

Here’s everything you need to know about both of the switching incentives.

TSB

New customers switching to TSB’s Spend & Save, or Spend & Save Plus current account can get up to £215 in free cash within a year.

Switchers will receive £125 in up front money just for making the switch.

They can also receive up to £10 cashback for the first six months and then £5 a month for the six months after this point – totalling £90.

To earn cashback each month, you have to make at least 20 debit card payments.

You can apply for the switch on TSB’s website, in branch or via the bank’s app.

You also have to set up at least two direct debits, use the card at least once and log into the TSB mobile app by March 15.

Once you have done this, TSB will pay £125 into the new account between March 20 and March 29.

Customers who sign up can also join TSB’s Rewards portal, which offers customers discounts at select retailers such as The Body Shop and Halfords.

Bear in mind, the TSB Spend & Save card doesn’t have a monthly fee, but the Spend & Save Plus account will charge you £3 a month.

Co-operative Bank

The Co-operative Bank is offering new customers £150 in total, with £100 up front for switching to one of its current accounts.

This includes its Everyday Extra account, Current Account Plus, Privilege and Privilege Premier Accounts.

Bankers can also get a £50 savings bonus if they meet certain requirements.

The £100 is paid to you after you register for online banking or mobile banking.

You also have to, within 30 days of the switch completing: have two active direct debits or standing orders set up, deposit £1,000 and make five transactions with the card.

Customers who have switched to the Co-operative Bank since November 1, 2022, are not eligible.

Once you have met the above criteria the £100 will be paid into your account within 40 days of the switch completing.

Meanwhile, the £50 savings bonus is paid to you if you open a qualifying savings account and have a minimum £25 in it within the first 45 days.

Do this, and the free cash will be paid within 60 days of your switch completing.

Bear in mind, you have to pay monthly fees to maintain some of the current accounts included in the switching offer.

This includes the Everyday Extra which charges a £15 monthly fee, the Privilege Account which has a £11 fee and the Privilege Premier Account with a £15.50 monthly fee.

The Current Account Plus account has no monthly fee.

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.

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%.

Martyn James, consumer expert, said: “Switching accounts can be a great way to make some money or earn some extra cash, but the devil is in the detail.

“Pretty much all switching deals can be withdrawn at any point.

“But more importantly, they all come with catches. You may need to have your wages paid in to the account or a certain amount of money going through it each month.”

In other news, The Sun spoke to 24-year-old Alex Welford about how he boosted his bank account by £1,000 solely by bank switching.

This post first appeared on thesun.co.uk