Martin Lewis reveals how to get up to £250 with latest bank switching offers
As 2026 approaches, Martin Lewis has shared the latest opportunities for those looking to switch bank accounts to provide a financial boost in the new year.
Finance guru’s MoneySavingExpert has rounded up six banks currently offering cash incentives to those who switch accounts; Many also offer other benefits like cash back and high interest rates.
Savers can earn up to £250 just by porting their bank account; most offer other benefits lasting at least a year to further incentivize switchers.
These deals can be a great way to make extra money and usually don’t require customers to stay after the money is paid. But savers should be aware that most people won’t pay for old replacers again until at least a year or two has passed.
Here are the best deals on the market right now:
TSB Spend and Save – up to £230
TSB’s new 2026 offer promises an upfront cash offer of £150. However, this amount can be increased to up to £230 if taking advantage of special cashback offers for new switchers.
To get the first £150, customers need to open their account and deposit £1,000 before March 20. An extra £50 can be secured if a further £1,000 is deposited in April.
You can then earn an extra £30 through cashback; up to £5 per month for the first six months.
The account also provides access to regular savings offering 5 per cent interest on up to £250 per month, fixed for 12 months. This equates to a maximum interest of £71.
Club Lloyds – £250
Lloyds has increased its 2026 offer to £250 for switching to a Club account. The deal also provides access to a competitive regular saver rate of 6.25 per cent and allows free spending abroad.
This account also provides an annual reward that allows holders to choose from 12 months of Disney+ (with ads), six movie tickets, Coffee Club and Gourmet Society memberships, or a magazine subscription. This costs £5 per month unless at least £2,000 per month is paid.
Get a free partial share of up to £100.
Capital is at risk.
Terms and conditions apply.
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Get a free partial share of up to £100.
Capital is at risk.
Terms and conditions apply.
ADVERTISING
HSBC Premier – £250
This new offer from HSBC is only aimed at high earners, i.e. those with incomes of £100,000 or more. The bonus requires this salary to be deposited into the account. In addition to the bonus, there is also worldwide family travel insurance up to age 69, various health benefits and free transfers between different HSBC accounts worldwide.
Santander Edge – £200
Santander is offering switchers £200 to switch to its Edge account, which has lots of other benefits for a £3 monthly fee. These include 1 per cent cashback on bills (up to £10), a competitive 6 per cent savings account and a free overseas debit card.
First Direct 1st Account – £175
Digital bank First Direct is offering new switchers £175, access to a strong 7 per cent interest savings account, free overseas spending and a £250 overdraft offer from 0 per cent. The bank is also regularly credited for its strong customer service.
FlexDirect nationwide – £175
Building Society Nationwide continues to offer switchers a free £175 plus 5 per cent interest on up to £1,500, 1 per cent cashback for the first 12 months and regular savings of 6.5 per cent.
