TSB offers bank switchers free £125, £5/mth cashback AND 3% interest

The offer – which is only available via our TSB* link – means you can get a total of £209 in the first year of holding the account, if you take advantage of its hat-trick of perks.

As well as the free £125 switch bonus, you can get interest of 3% on balances up to £1,500, plus 5% cashback on your first £100 of contactless debit card spending every month until September (so a free fiver each month for most).

Among the best-buy bank accounts with switching incentives, TSB's beaten by First Direct on customer service, and if you're just looking to make quick cash from switching, you can get a slightly bigger cash bonus – £150 – from HSBC's Advance Account.

But if you're happy to stick with your new account for a year, the TSB offering is one of the most competitive out there, as long as you'll earn the max interest and cashback. Take a look at our Best Bank Accounts guide for full details of the account, plus other options.

What does the TSB account offer?

The Classic Plus account has long been one of our best buys, and despite its recent interest rate cut still is competitive – all the more so now it'll pay you £125 to switch. Here's how to make sure you get the most of its three perks:

• To get the £125 bonus, you need to apply for the account via our link by Monday 27 February, and fully switch to it using TSB's switching service by Friday 31 March.

  You must pay in at least £500 in the first 28 days after switching, and also switch at least two active direct debits (these must still be active at least 28 days after the switch completes – an active direct debit is one that's less than 13 months old or has paid out in the past 13 months).

• To earn in-credit interest, you must pay in at least £500/month, register for internet banking and opt for paperless statements and correspondence. You'll get 3% AER variable on up to £1,500, meaning a max total of £44.40/year.

• To get 5% cashback on the first £100 spent each month on your contactless debit card up to 30 September 2017, make sure you're registered for internet banking – that's another potential £40.

Other bank account best buys

TSB's not the only bank that'll pay you to switch – here's how the other top picks stack up:

• First Direct offers £125 to switch (via our link – £100 direct) and has won ever bank service poll we've done.

• HSBC offers £150 to switch, plus another £50 if you stay for a year.

• Co-op Bank will pay you £110 to switch, plus up to £5.50/mth with its Everyday Rewards scheme.

• Halifax offers £100 to switch, plus a £3 monthly reward.

• M&S Bank gives a £50 M&S gift card to switch and an additional £5/mth added to the gift card for two years.

All these offers require you to use the banks' switching services, and most also need you to switch a certain number of direct debits, meet minimum pay-ins and jump through other hoops. Full info can be found in Best Bank Accounts.