Rival banks offer up to £200 if you switch

HIGH Street banks have launched a host of new switching offers worth up to £200 in a bid to entice unhappy TSB customers — and more are expected to follow suit.

HSBC will pay newcomers who switch to its Advance account £150 if they set up at least two direct debits and pay in £1,750 a month.

Customers will get another £50 if they stay with the bank for at least 12 months and set up mobile or internet banking — £200 in total. The offer ends on June 30 and you must use the Current Account Switch Service.

NatWest will pay customers £100 to move to one of its current accounts if they switch online before June 15.

You must pay in at least £1,500 and set up online or mobile banking by July 13. The £100 will be paid by August 10.

Marks & Spencer Bank also offers a top incentive to those who switch to its current account.

Customers will get a £125 gift card, which can be used in M&S stores, and then another £5 every month the account is topped up with £1,000 for a year.

You must also set up at least two direct debits.

Andrew Hagger, of personal finance website Moneycomms, says: ‘There is an opportunity here for rival banks.

‘I wouldn’t be surprised if more banks introduced switching bonuses or increased their offers to “win over” unhappy TSB customers.’