Major high street banks are offering free cash to customers who switch accounts (Image: Getty)
Money Saving Expert Martin Lewis has confirmed that account holders can earn up to an extra £220 by switching banks.
According to the money guru HSBC, Barclays, NatWest and Santander are just some of the few banks offering customers free money if they make a switch today.
Posting on X this week, Martin Lewis wrote: “Two bits of news…1. Energy fixes have started to get cheaper, now 5% below April price cap
“2. We now have 7 banks paying switchers up to £220 best selection for a while.”
Here we take a look at some of the best deals.
HSBC Bank Account
HSBC are offering customers a free £220 when they make the change, even for those who have switched before. This is the first time in a while that HSBC has done a cash offer under its own brand rather than sister bank First Direct.
To benefit from the offer, you must pay a total of £2,000 and spend £500 within 60 days. You can also earn a 5% on a regular saver of up to £250 a 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 for the free cash, you must pay £1,000 within 45 days, and nothing is required after that.
The account comes with tons of other benefits, including a linked 1-year 7% fixed saver for up to £300 a month.
The only thing you must be aware of is that, unlike HSBC, you must be a completely new customer, not having ever had a First Direct product or opened an HSBC current account since January 2018.
Barclays Bank Account
Barclays is offering customers a free £200 and chucking in an optional half-price Apple TV+ subscription. You must pay a total of £2,000 within 30 days, and not have received any previous Barclays switch bonuses or held a Barclays current account on or before June 9, 2026.
NatWest Reward
Those who switch to a NatWest Reward account can get a free £200 plus the chance of £36 cashback per year. The account is also linked to a 5.25% regular saver on up to £150 a month, and you’re not restricted by years; instead, you can go up to a £5,000 max balance.
You must pay £1,250 each month, and like some of the other deals, you can’t have had a previous NatWest, RBS or Ulster Bank switch bonus, and you can’t have held a NatWest current account on May 6.
This account also comes with a free £2 a month, plus the possible £5 a month cashback, giving you a net gain of £3 a month.
Santander Edge
Santander is offering a free £180 account, which you must pay in a total of £1,500 within 60 days, and then £500 or more a month. The Edge account has a £3 a month fee. However, it comes with a range of benefits, such as cashback on bills you pay by Direct Debit, and a linked easy-access saver paying 6% variable for 12 months on up to £4,000.
You can’t have received a previous Santander switch bonus, and you can’t have held a Santander current account on January 1, 2025, to benefit from the offer.
Bank of Scotland Classic
Switchers can get a free £175 on a fuss-free account; there is no minimum pay-in to get the switch bonus. All you need to do is open a new Bank of Scotland Classic account, start a switch in from an account with three or more active Direct Debit by June 29, and get your £175 paid within 14 working days of the switch starting.
However, you can’t 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 (max £5/mth) 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/month
You cannot have had a Nationwide switch bonus since 2021 to benefit from the offer, unless it was for a sole account and you now switch to a joint account (or vice versa).