Banks offer up to £200 switch bonus to entice disgruntled TSB customers

The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
In the wake of TSB’s massive IT system failure last month, a number of high street banks have launched big current account switching incentives. The largest cash bonus is from HSBC, which is offering £200 if you switch to its Advance current account.
Up to 1.9 million TSB customers lost access to their bank accounts for more than a week at the end of April – and the new switching incentives, from HSBC, Natwest, and M&S Bank, are probably intended to entice disgruntled TSB customers who are looking to switch accounts.
Natwest will give you £100 for switching to any of its current accounts before June 15. You must switch online, and you must pay in £1,500 and log into online or mobile banking before July 13. The £100 will be put into your account before August 10. This deal is available to new and existing Natwest customers.
HSBC will pay you a little bit more, but the deal is more restrictive too. Until June 30, HSBC will pay you £150 if you switch to an Advance current account. If you stick with the account, HSBC will pay you another £50 after 12 months. You must log into online or mobile banking within 60 days of opening the account. To be eligible, you must pay in at least £1,750 per month, transfer two direct debits or standing orders, and not have an existing account with HSBC.
The HSBC deal also includes a linked Regular Saver account, which pays 5% interest for 12 months – but only on deposits of up to £250 per month. Assuming you save the full £3,000 over the year, you would get £81 in interest.
M&S Bank also has a decent deal: you’ll get a £125 M&S gift card if you switch current accounts, and then your giftcard will be topped up with £5 per month, for 12 months, if you stay with them (£185 total). To be eligible, you must pay in £1,000 per month and have two active direct debits. The M&S Current Account gives you access to a Monthly Saver account with the same 5% interest and caps as the HSBC account, too.
Now read about how to switch current accounts – or how TSB decided some of its former customers were dead, and cancelled their direct debits
Related Articles



TSB cancels direct debits for “dead” former customers who switched away

Deutsche Bank firing 7,000 investment bankers, with London likely to be hit hard
Related Articles


These challenger banks killed the overdraft fee. Now, they’re reinventing it

