Martin Lewis has confirmed that account holders can earn up to an extra £220 by switching banks. The Money Saving Expert revealed that HSBC, Barclays, NatWest, and Santander are among seven banks offering free cash to customers who switch accounts.
HSBC Bank Account
HSBC is offering a free £220 when customers switch, even for those who have switched before. This is the first time HSBC has offered a cash incentive under its own brand rather than sister bank First Direct. To qualify, customers must pay in a total of £2,000 and spend £500 within 60 days. The account also offers 5% on a regular saver of up to £250 per month for a year.
First Direct 1st Account
First Direct is offering a free £200 to those who switch to their 1st Account. To be eligible, customers must pay in £1,000 within 45 days, with no further requirements. The account includes a linked 1-year 7% fixed saver for up to £300 per month. However, customers must be completely new to First Direct and must not have opened an HSBC current account since January 2018.
Barclays Bank Account
Barclays is offering a free £200 along with an optional half-price Apple TV+ subscription. Customers must pay in a total of £2,000 within 30 days and must not have received any previous Barclays switch bonuses or held a Barclays current account on or before June 9, 2026.
NatWest Reward
Switching to a NatWest Reward account provides a free £200 plus the chance of £36 cashback per year. The account is linked to a 5.25% regular saver on up to £150 per month, with a maximum balance of £5,000. Customers must pay in £1,250 each month and cannot have had a previous NatWest, RBS, or Ulster Bank switch bonus or held a NatWest current account on May 6. The account fee is £2 per month, but with up to £5 monthly cashback, customers can net a gain of £3 per month.
Santander Edge
Santander is offering a free £180 account, requiring a total pay-in of £1,500 within 60 days and then £500 or more per month. The Edge account has a £3 monthly fee but offers cashback on bills paid by Direct Debit and a linked easy-access saver paying 6% variable for 12 months on up to £4,000. Customers must not have received a previous Santander switch bonus or held a Santander current account on January 1, 2025.
Bank of Scotland Classic
Switchers can get a free £175 on a fuss-free account with no minimum pay-in required. To qualify, customers must open a new Bank of Scotland Classic account, start a switch from an account with three or more active Direct Debits by June 29, and receive the £175 within 14 working days of the switch starting. Customers must not have had a Bank of Scotland, Lloyds, or Halifax bonus since January 1, 2023.
Nationwide FlexDirect
Nationwide is offering a free £175 plus extra perks, including 5% interest on up to £1,500 and 1% cashback (maximum £5 per month) for 12 months. The minimum pay-in for the switch bonus is a one-off of £1,000, and for the cashback and 5% interest, it is £1,000 per month. Customers cannot have had a Nationwide switch bonus since 2021, unless switching from a sole to a joint account or vice versa.
