Financial expert Martin Lewis has kicked off 2026 by revealing a fresh batch of lucrative bank switching deals, offering Brits a chance to boost their finances with cash sums of up to £250. His website, MoneySavingExpert, has compiled the latest offers from six major banks and building societies, many of which also include valuable long-term perks for new customers.
Top Cash Incentives for Switching Your Account
The start of the new year is a prime time to review your banking, and several providers are competing for your custom with significant upfront payments. Savers can secure up to £250 just for moving their current account, with most bonuses paid quickly after meeting the switch criteria. It's a straightforward way to earn extra money, though experts note that banks typically won't pay the same customer again for at least a year or two.
Beyond the immediate cash, many of these 2026 deals come with additional benefits designed to last for twelve months or more, including competitive savings rates, cashback on bills, and fee-free spending abroad. Here is a breakdown of the best offers currently on the market, as highlighted by MoneySavingExpert.
Detailed Breakdown of the Leading Offers
TSB Spend & Save leads with a potential total of £230. New customers can get an upfront £150 by opening an account and depositing £1,000 before 20 March 2026. A further £50 is available for depositing another £1,000 in April, plus up to £30 in cashback over six months. The account also provides access to a regular saver at 5% interest.
Club Lloyds is offering a flat £250 switching bonus. The account, which costs £5 monthly unless you pay in £2,000, includes a 6.25% interest regular saver, fee-free overseas spending, and a yearly choice of perks like a Disney+ subscription or cinema tickets.
HSBC Premier targets higher earners with a £250 bonus, but requires a salary of £100,000+ paid into the account. It bundles worldwide family travel insurance and a suite of premium health benefits.
Other notable deals include Santander Edge offering £200 and 1% cashback on bills, First Direct providing £175 with a market-leading 7% savings account, and Nationwide FlexDirect giving £175 plus 5% interest on balances.
What to Consider Before You Switch
While these incentives are attractive, it's crucial to look beyond the headline cash bonus. Always check the specific terms and conditions, including minimum pay-in requirements, monthly fees, and how long you need to keep the account open to receive the money. The switching process itself is usually handled by the new bank under the Current Account Switch Service, which moves all your payments across within seven working days.
Martin Lewis and his team consistently advise that these deals are best for those who are genuinely unhappy with their current bank or are seeking better overall service and rates. The cash bonus should be seen as a welcome reward for making a move that improves your financial setup for the long term.
