Britons looking to boost their finances in 2026 can earn £250 by switching bank accounts. Two major banks, HSBC and Lloyds, are currently offering the incentive, according to Money Saving Expert (MSE), the site founded by Martin Lewis.
MSE noted that many banks paused switching deals in December, but January is a prime time to switch as the new year begins. The site advises customers to use the seven-working-day switch service, which closes the old account and transfers all money, Direct Debits and standing orders automatically.
HSBC's £250 offer is for its Premier account, but it is only available to high earners with a salary of at least £100,000. The account is fee-free and includes worldwide family travel insurance and digital private GP access. Additionally, customers can earn an extra £500 by transferring £100,000 or more in savings or investments and maintaining the balance for three months.
Lloyds offers £250 for switching to a Club Lloyds account, with no high-earner requirement. However, customers must pay in at least £2,000 each month to avoid a £5 monthly charge and switch over three Direct Debits. The offer ends on February 3, 2026.
MSE emphasises that switching is quick and easy, and all offers are available for single and joint accounts. The free cash is typically paid within two to three months after the switch is completed.
