Personal finance expert Martin Lewis has advised consumers to consider switching bank accounts to pocket up to £400 before Christmas. Speaking on his BBC podcast, Lewis highlighted that seven banks are currently offering incentives, typically around £200, for customers to switch their current accounts.
Barclays tops the list with a £400 bonus for those switching to its Premier Current Account. To qualify, customers must open the account via the Barclays app using the Current Account Switch Service by 27 November 2025, transfer at least two active Direct Debits, and deposit £4,000 within 30 days. Terms and conditions apply.
Lewis emphasised the timing, noting that switching now could ensure the payout arrives before Christmas. He said: 'If you did it today [as of October 18], then you should get the money at the very latest by about the 9th of December.' He added that the festive season makes the extra cash particularly welcome.
Other offers include Co-op Bank's £175 incentive (comprising £100 for switching plus £25 a month for three months, with at least 10 card transactions required) and First Direct's £250 interest-free overdraft and access to a 7.00% AER savings account. Alastair Douglas, chief executive of TotallyMoney, said: 'Loyalty doesn't pay, but moving banks can.'
