Latest switching offers from TSB and Lloyds Bank

Customers could earn up to £175 by switching their current account to one of these high street banks.

Both TSB and Lloyds Bank recently launched new switching deals, offering up to £160 and £175 respectively, for those switching accounts using the Current Account Switching Service (CASS).

While Lloyds Bank offers a higher cash incentive, you may want to consider the additional benefits and eligibility criteria for both options to ensure you find the current account that works best for your needs.

TSB

The TSB switching offer is available on its Spend & Save and Spend & Save Plus current accounts. Both accounts can be opened online or via the TSB mobile app. Keep in mind that if you’ve already received any incentives for switching to TSB since 1 October 2022, then you won’t be eligible for this new offer.

The Spend & Save offers £5 cashback for the first six months and includes an agreed overdraft of up to £2,000, as well as access to a savings pot paying 2.92% AER. For a £3 monthly fee, the Spend & Save Plus account pays the same cashback continuously and makes the first £100 of your overdraft interest free.
TSB has broken its switching deal down into three steps, consisting of a core £100 initial incentive, a further £60 payment, and a choice of rewards. Note that you must meet the criteria for step one to access the additional offers.

In order to get the £100, new customers must submit a full switch request with the CASS before the offer is withdrawn and complete the process within 21 days. By 5 July 2024, you’ll need to log into the TSB mobile app and make a minimum of five debit card payments on the new account. The bonus will then be paid to eligible customers between 17 July and 31 July.

If you meet these criteria, you then have the opportunity to earn double cashback for the first six months. This means if you make a minimum of 20 debit card payments each calendar month during this period, you could receive an additional £60.

Finally, TSB will also offer new customers rewards for staying until January 2025. You’ll have the choice between a night away for two, two Odeon tickets a month for three months, or a Now Entertainment membership for 3 months. These rewards are subject to separate terms and conditions.

Lloyds Bank

Meanwhile, Lloyds Bank has launched a new £175 switching incentive on its Club Lloyds, Club Silver, and Club Platinum current accounts, which can be opened in branch, online, or by phone.

It’s important to consider that all three accounts charge a £3 monthly fee which is waived for each month you deposit £2,000 or more. The Club Lloyds account offers access to exclusive rates and offers across the provider’s savings, banking, and mortgages products. Cashback at selected retailers and choice of benefits such as 12 months of Disney+ is also included.

The Club Silver and Platinum accounts then charge a further £10 and £21 respectively but come with extra benefits such as family travel insurance, breakdown cover, and mobile phone insurance. Note that these additional fees are set to rise from 1 July.

Those looking to take advantage of the deal must switch over from a participating CASS provider before 30 July 2024. This includes moving over a minimum of three active direct debits. Existing Lloyds Bank current account customers can qualify, providing they meet the criteria, but won’t be eligible if they change an existing current account with the provider to a Club Lloyds account.

You also won’t be able to claim this offer if you received a switching incentive since April 2020 from either Lloyds Bank, Bank of Scotland or Halifax.

To compare these against other current accounts on the market, visit our charts.