Latest switching offers: Nationwide BS, Lloyds Bank and TSB launch new deals

Updated: Friday 6 October 2023 at 16:30

You could earn up to £200 free cash by switching your current account to one of these high street providers.

Three high street brands, Nationwide BS, Lloyds Bank and TSB, all launched new switching deals at the end of last month. Of these providers, Nationwide BS offers the largest cash incentive at £200 with an account paying 5.00% AER interest.

However, offering £175 and £150 respectively, you may also want to consider the deals from Lloyds Bank and TSB.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, recognised that this has been “a popular time for current account providers”, as many amended their offers ahead of the festive season.

“The cost of living crisis continues and a free cash boost could make a big difference,” Springall added.

Before applying, be sure to check the current account suits your everyday needs, and that you meet any eligibility criteria.

The Nationwide BS switching deal is available on three of its current accounts: the FlexAccount, FlexDirect and FlexPlus. In order to access £200 free cash, you’ll need to switch to one of these accounts from a non-Nationwide current account.

Each can be applied for online. Neither the FlexAccount nor the FlexDirect accounts charge a monthly maintenance fee. Furthermore, the FlexDirect account pays 5.00% AER in-credit interest on balances up to £1,500, fixed for the first 12 months before dropping to 1% AER. Otherwise, the FlexPlus costs £13 per month and includes travel and mobile phone insurance for the whole family, along with a number of other perks.

To be eligible for the switching deal, it must be the first time you’ve received a switching incentive from the building society on a sole or joint account since 18 August 2021. Your non-Nationwide account will also need to have at least two active direct debits before closing.

While the switch, facilitated by the Current Account Switch Service (CASS), usually takes seven working days, it must be completed within 60 days to receive the free cash.

Meanwhile, you can access £175 by switching to one of the Club Lloyds, Club Silver or Club Platinum accounts from Lloyds Bank.

It’s worth noting, though, that each of these current accounts charges a monthly maintenance fee. The Club Lloyds Account costs £3 a month which is waived each month you deposit at least £2,000, while the Club Lloyds Silver and Platinum Accounts charge an additional fee of £10 and £21 respectively.

Each come with the choice of a yearly benefit, such as 12 months of Disney+ or six cinema tickets. While the Silver Account includes European and UK multi-trip family travel insurance alongside other benefits, the Platinum Account comes with worldwide travel insurance.

To be eligible for the cash incentive, you’ll need to open one of these qualifying accounts and use the Current Account Switch Service to transfer and close your existing account held with another bank. You won’t receive the cash if you switch to an existing account or if you’ve received cashback for switching to Lloyds Bank or Halifax Bank since April 2020.

The deadline to start your switch is 14 November 2023 – if you start the process any later than this you won’t qualify for the offer.

As for TSB, it offers £150 for switching to either its Spend & Save or Spend & Save Plus current account. While the Spend & Save account comes with no maintenance fee, the Spend & Save Plus costs £3 per month.

New customers will need to open one of these qualifying accounts before the offer is withdrawn on Monday 9 October at 23:59, then complete the switch to TSB using the Current Account Switch Service before 31 October.

In order to receive the cash incentive paid into your account by 30 November 2023, you'll need to set up at least two direct debits, use your debit card at least once and log into the TSB mobile banking app before the end of October.

Both accounts give you the opportunity to earn up to £60 cashback in the first six months. Each month you make 20 or more payments using your debit card you’ll earn £5 cashback, which is doubled by TSB. While the Spend & Save account doesn’t pay cashback beyond this initial period, you can continue earning £5 cashback each month with the Spend & Save Plus.