Britons have just one day left to cash in on TSB’s bank switch offer before the deal is pulled from the shelf.

Several banks have launched cash incentives to attract new customers to invest, but these promotions have a limited time frame.

To receive a free £125 from TSB, customers need to switch to a TSB Spend and Save or a Spend and Save Plus current account before 23.59pm on Wednesday, January 31.

Customers will also benefit from additional perks, such as earning up to £60 in cashback in the first six months of opening the account.

People will need to use the Current Account Switch Service to qualify, which can be applied through the TSB website, in a branch or the TSB Mobile Banking app.

The £125 will be paid to new customers in full if they open an account and request the switch before the deadline.

The switch must then be completed within 21 days from the request.

To qualify, customers will need to set up at least two direct debits, use their debit card once, and log into the TSB Mobile Banking app by March 15, 2024, latest.

If these conditions are met, TSB will pay £125 into the new account between March 20, 2024, and March 29, 2024.

Earning double cashback

New Spend and Save customers are also set to benefit from a “double” cashback perk.

This will see people earn up to £10 – up from £5 – in cashback each month for the first six months, totalling £60.

For Spend & Save Plus customers, the same cashback is available for the first six months and it will then revert to £5 cashback a month – a total of £90 in the first 12 months.

To earn their cashback, customers must make 20 debit card payments each month.

TSB customers also benefit from access to savings and discounts across several retail products and services through the My TSB Rewards portal, which launched in December.

Discounts are available for discounts with retailers such as Samsung, Vue Cinemas, The Body Shop, and more.

The portal is available to new and existing customers through TSB’s Mobile Banking app and online.