Financial guru Martin Lewis has unveiled a series of lucrative bank switching deals for the new year, offering savers a chance to pocket up to £250 in free cash alongside a host of other valuable perks.
Boost Your Finances with a Simple Switch
As 2026 gets underway, the founder of MoneySavingExpert.com has compiled the latest incentives from six major banks and building societies. These offers are designed to attract new customers, with most providing a straightforward cash bonus for moving your current account. Crucially, these deals often come with additional benefits like cashback on spending and access to competitive savings rates, which can last for a year or more.
However, Martin Lewis's team cautions that most banks will not pay the switching bonus again to former customers until at least one or two years have passed. This means it's a one-off opportunity per institution, but a savvy move can provide a significant financial lift.
The Best Bank Switching Deals for Early 2026
Here is a detailed breakdown of the top offers currently on the market, as highlighted by MoneySavingExpert.
TSB Spend & Save: Up to £230
TSB's fresh 2026 promotion promises an upfront £150 cash bonus. To qualify, customers must open the account and deposit £1,000 before the deadline of 20 March 2026. An additional £50 can be secured by depositing another £1,000 in April. On top of this, new switchers can earn up to £5 per month in cashback for the first six months, adding a potential £30. The account also includes a regular saver paying 5% interest on up to £250 monthly.
Club Lloyds: £250 Bonus
Lloyds Bank has boosted its incentive to a substantial £250 for switching to its Club Lloyds account. The account, which costs £5 per month unless you pay in £2,000 monthly, also grants a yearly lifestyle reward. Customers can choose from options like 12 months of Disney+, six cinema tickets, or magazine subscriptions. It also offers fee-free overseas spending and access to a 6.25% interest regular saver.
HSBC Premier: £250 for High Earners
This offer is exclusively for those with an annual income of £100,000 or more. To get the £250, this salary must be paid into the new HSBC Premier account. The premium account package includes worldwide family travel insurance, various health benefits, and fee-free international money transfers.
Santander Edge: £200
Santander is offering a £200 switching bonus for its Edge current account, which carries a £3 monthly fee. The account provides 1% cashback on key household bills, a linked savings account paying 6% interest, and a debit card with no fees for spending abroad.
First Direct 1st Account: £175
The digital bank First Direct is tempting switchers with £175 cash, renowned customer service, and a linked savings account with a strong 7% interest rate. The deal also includes a £250 interest-free overdraft and no fees on overseas transactions.
Nationwide FlexDirect: £175
The building society continues its popular offer, giving new customers a free £175 for switching. The FlexDirect account also pays 5% interest on balances up to £1,500, offers 1% cashback for the first year, and provides access to a regular saver account at 6.5%.
Making the Switch Work for You
These bank switching deals represent a straightforward way for consumers to gain an immediate cash injection and improve their banking package. The key is to check the specific terms and deadlines for each offer, such as TSB's 20 March 2026 deposit requirement. While the cash bonus is a major draw, the long-term value often lies in the accompanying perks like high-interest savings and cashback, which can add significantly to the overall gain.
As always, it's vital to ensure a new account suits your everyday banking needs before making the switch, but for many, these 2026 offers curated by Martin Lewis present a compelling financial opportunity.
