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Join Which? MoneyTwo new current account switching bonuses launched - which is better?
TSB will pay customers £125, and you can get up to £150 with Co-operative Bank
There's good news if you're looking to earn some cash in 2024, as the first new switching deals since November have launched. And like buses, two have arrived at once.
TSB is offering £125 to move and double cashback for those who open a Spend and Save account, while the Co-operative Bank is offering £100 if you switch your current account and a bonus of £50 if you open a linked saver.
However, before switching your bank account it's worth finding out how existing customers rate the service offered by TSB and Co-operative Bank, and this is where Which? can help.
Here, we take a closer look at what both deals offer, how they stack up for customer service, and how the incentives compare.
What can you get by switching to TSB?
TSB is offering new customers £125 to switch to one of its Spend and Save current accounts, with double cashback on offer for the first six months.
Spend and Save
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 the new TSB Rewards portal, offering instant savings at select retailers including Samsung and Halfords.
Spend and Save Plus
The Spend and Save Plus current account has all the same perks as the basic version, but a £3 monthly fee, meaning it would cost £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 in six months and a total of £90 in the year.
The account also offers an overdraft of up to £2,000, with £100 interest-free (subject to status), and no fees on debit card transactions worldwide.
What’s in the small print?
To get the £125, you must use the Current Account Switch Service, set up two direct debits, use your debit card at least once, and log in to the TSB Mobile Banking app by 15 March. You’ll be paid the switching bonus by 29 March.
You won’t be eligible for it if:
- you’ve received an incentive or benefit for switching to TSB Bank using the Current Account Switch Service since 1 October 2022
- you’re switching from another TSB account.
Find out more: best bank accounts for cashback 2024
What can you get by switching to The Co-operative Bank?
The Co-operative Bank will give new and existing customers up to £100 for switching to its standard current account or its Everyday Extra account, and an additional £50 for opening a linked savings account.
Standard current account
This is a no-frills bank account that is free, and you can manage the account through mobile or online banking.
Customers can also opt-in to Everyday Rewards at no extra cost, and get up to £2.20 a month for paying in a minimum of £800 each month, staying in credit or within your arranged overdraft limit, logging in to online banking at least once a month and opting for paperless statements.
Everyday rewards can be paid into your account monthly or donated to charity.
- Find out more:best basic bank accounts 2024
Everyday Extra
The Everyday Extra is a packaged bank account with all the features of the standard current account, as well as mobile phone insurance, worldwide travel insurance and UK and European breakdown cover.
The account costs £15 a month (£180 a year) which means if you switched and got the £100 bonus, it would effectively cost you £80 for the year.
- Find out more:best packaged bank accounts 2024
What’s in the small print?
To get the £100, you’ll need to use the Current Account Switch Service, deposit £1,000, set up two direct debits, make five debit transactions and sign up for online banking and mobile banking.
This must be done within 30 days of the switch completing. You’ll be paid the switching bonus within 40 days of the switch completing.
You won’t be eligible if you’ve received an incentive or benefit for switching to The Co-operative Bank since 1 November 2022.
How to get the £50 bonus
To get the extra £50, you’ll need to open a Base Rate Tracker savings account or Online Saver and have at least £25 in the account on day 45 after your current account switch.
Both these savings accounts are instant access accounts with interest paid yearly on 5 April.
The Base Rate Tracker tracks the Bank of England base rate and will pay you a different rate of interest depending on your balance.
It currently pays 2.75% AER on balances up to £25,000, 3.75% on balances up to £50,000, 4.75% on balances up to £75,000 and 5% on balances over £100,000.
The online saver is a variable account, currently paying 2.65% AER.
As none of these rates are market-leading, it may be best just to deposit the required £25 to qualify for the bonus £50.
If you meet all the criteria, you’ll receive the bonus £50 within 60 calendar days of your switch completing.
- Find out more: best savings accounts 2024
When do the deals end?
There is currently no end date to either of the deals but as they can both be withdrawn at any point, it's worth switching sooner rather than later if you're keen.
TSB vs The Co-operative Bank - which is the better provider?
The Co-operative Bank received a higher satisfaction score of 74% in our latest survey of the best banks, putting it in 11th out of 21 providers we covered.
It is also one of only three banks to be a Which? Eco-Provider, meaning it has no exposure to fossil fuels in its banking activities.
Customers rated The Co-operative Bank highly for its customer service in general, branch service and how it deals with complaints, scoring four out of five stars.
It received a middling score for its telephone, online and mobile banking service, and call-based customer service.
TSB got a customer satisfaction score of 69%, putting it 19th out of 21 providers we covered.
It received a middling score for its customer service in general, its online banking service and mobile banking app and how it deals with with complaints, scoring three stars out of five.
It received two stars for its in-branch service and telephone banking service.
- Find out more:best banks and bank accounts in UK 2024
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 who 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.
