TSB is offering £150 to move and double cashback for those who open a Spend and Save account, while Lloyds Bank is offering £175 to switch to any of its Club Lloyds accounts.
Here, Which? takes a closer look at what the current accounts offer, how existing customers rate their service, and how the incentives compare.
What can you get by switching to Lloyds?
The £175 bonus is available to new customers switching to a Club Lloyds account, which includes the fee-free Classic as well the Silver (£10 a month) and Platinum (£21 a month) packaged accounts.
All Club Lloyds accounts come with the option to pick one lifestyle benefit a year. At the moment that includes a 12-month Disney Plus subscription, six cinema tickets, an annual magazine subscription or an annual Coffee Club and Gourmet Society membership - giving you 25% off at Caffe Nero and 25% off your bill at thousands of restaurants.
You’ll also earn interest of 1.50% on balances between £1-£3,999.99 and 3% on balances between £4,000 and £5,000. Interest is worked out daily and paid monthly.
However, you’ll only earn this if you have two direct debits coming out of the account every month.
You can also get access to Everyday Offers, which provides cashback when shopping at certain retailers.
There’s a £3 fee for maintaining any of the Club Lloyds accounts (in addition to the packaged account fee), but it will be refunded each month if you pay in £2,000 or more.
Find out moreWhat's in the small print?
You'll receive the £175 cash bonus 10 working days after your switch.
You won’t be eligible for the offer if:
When does the deal end?
Lloyds Bank has confirmed you’ll have until 14 November to start the switching process and qualify for the bonus.
What can you get by switching to TSB?
TSB is offering new customers £150 to switch to one of its Spend and Save Current Accounts, with double cashback on offer for the first six months.
The Spend and Save current account is free and you can earn up to £5 cashback a month, up to the first six months, when you make 20 debit card payments each month. For the first six months, you can earn double this rate to a maximum of £60.
You can also put money aside in up to five savings pots which earn 2.92% AER.
You'll be able to access TSB Marketplace through the account, where you can get up to 4% cashback on stays made through Booking.com and other offers.
The Spend and Save Plus current account has all the same perks as the basic version, but it has a £3 monthly fee, meaning you’d spend £36 a year.
It allows you to earn £5 cashback every month with no six-month limit, when you make 20 debit transactions each month. You’ll also get double this rate for the first six months, meaning you can also earn up to £60.
The account also offers an overdraft of up to £2,000, with £100 interest-free and no fees on debit card transactions worldwide.
Find out moreWhat's in the small print?
To get the £150, you’ll need to set up two direct debits and use your debit card at least once, and log into the TSB Mobile Banking app.
You’ll be paid the switching bonus by 30 November. You’ll also have to use the Current Account Switch Service.
You won’t be eligible for it if:
When does the deal end?
TSB said there is currently no end date to the offer and it can be withdrawn at any time. However, it says you’ll need to open the account before 31 October to be eligible for the £150.
Find out moreLloyds vs. TSB - which is the better provider?
best banksCustomers rated it very highly for its online banking service and mobile banking app, and fairly highly for its customer service.
Lloyds also got middling scores for aspects including in-branch service, telephone banking service and how it deals with complaints.
TSB got a customer satisfaction score of 66%, putting it in 20th place out of 21 providers we covered.
Customers rated it highly for its online banking service and online banking app.
But it received a middling score for its call-based customer service and how it deals with complaints, and two stars for its branch service.
Find out more:What about other switching offers?
There is just one alternative switching offer on the market right now, offered by First Direct.
The Which? Recommended Provider is offering a £175 bonus to new customers that move to its 1st Account.
The account offers access to a regular saver, which pays 7% AER for 12 months, and a £250 0% overdraft, which is subject to status.
You need to switch using the Current Account Switch Service, pay in at least £1,000 within three months of opening the account, and must not have been an HSBC current account holder on or after 1 January 2020, to qualify for the incentive.
The £175 bonus should take 28 days to land in your account once all of the eligibility criteria have been met.
Find out more:source https://www.which.co.uk/news/article/lloyds-bank-and-tsb-launch-switching-offers-which-is-worth-going-for-aNAwb0o18xdd