Martin Lewis issues £310 warning over 'biggest bonus' ending soon

Martin Lewis has issued an urgent warning over a bank switch offer worth a total of £310 that is ending soon.

TSB is giving new customers £100 upfront, plus £90 in cashback (spread out at £15 a month for six months) when they switch to its TSB Spend and Save account.

You can then get an additional perk of a £120 credit towards a hotel booking, or 12 months of activity tickets with the National Activities Network.

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In order to get the first £100 bonus payment, you must switch to TSB and then use your debit card at least five times before September 22. You must also log in to the mobile app before this date.

The £100 will then be paid between October 6 and October 12. In a post published to X, Martin Lewis said: “Arguably the biggest current bank switching bonus is about to end, a total of £310 of rewards from TSB.”

The offer was also flagged in the latest MoneySavingExpert.com weekly email, where the team wrote: “A FREE £100 provided you log in to the app and use its debit card five times by 22 Sept - hence why speedy switching is crucial. Just buy five separate bananas if it's a rush.“

In order to get the £90 cashback, you need to use your debit card at least 20 times in each of the first six months. The cashback is paid £15 a month for those six months.

The extra reward of the £120 hotels credit, or National Activities Network tickets, is then unlocked if you also use your card at least 20 time in February 2026. You can't have had a switch bonus from TSB since October 2022 to qualify for these payments.

The TSB Spend and Save account gives you a 5% regular saver on up to £250 a month, fixed for 12 months. Other banks are also offering switch bonuses right now.

First Directis paying customers £175 if they switch to its 1st Account. With First Direct, you must pay at least £1,000 and open two Direct Debits or standing orders from the account within 45 days of opening it.

You must also register and log onto digital banking, within 45 days of the account opening and spend on your debit card five times. The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.

To get the switch cash, you can't have ever had any financial product with First Direct, or have opened an account with its sister bank HSBC since January 2018.