Financial experts have shared how Brits could get hundreds of pounds for free. Four banks are currently offering up to a combined £555 for switching accounts.
While it is typically easier to stay with the same bank you’ve had for years, making a change can make sense for your finances. Money Saving Expert (MSE), the website founded by Martin Lewis, explained: “Banks sometimes offer switch incentives – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them.
“Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.” In an update, the experts at MSE shared four switch offers that are currently available and how to maximise the rewards.
TSB
Switching to the TSB Spend & Save account could see you get £100 upfront as well as £15 a month cashback for six months. Customers can also get an extra reward in January 2026.
“To max the reward on the TSB Spend & Save, you’ll need to use the debit card for spending each month,” MSE said. “You get the upfront £100 for switching. But if you then spend on its debit card 20 or more times in each of the first six months, you’ll qualify for the £15 a month cashback.
“Then, if you also make 20 or more debit card payments in December, you’ll earn an extra reward – choose from a £120 credit towards a hotel booking via Expedia’s Travel Credits website or 12 months of activity tickets with the National Activities Network.”
The account also gives access to a regular saver, offering 5 per cent interest on up to £250 a month, fixed for 12 months.
To get the £100 bonus:
- You can’t have had a switch bonus from TSB since October 1, 2022
- You need to open the account online, in-app or in a branch
- Before July 19, switch in an account from a different bank, spend on the debit card five or more times and log in to the mobile app.
The £100 should be paid between August 2 and 16.
Santander
The Santander Edge is offering £180 for switching. According to MSE, as well as the free cash, for a £3 a month fee, switching to the Santander Edge account can net you a total of £20 a month cashback.
This includes:
- One per cent back on energy, council tax, broadband, TV, mobile & water bills (max £10 a month)
- One per cent back on supermarket, fuel and train spending (max £10 a month), though this will end for all customers on September 9.
To get the £180 bonus:
- You can’t have had a switch bonus from Santander since September 2021, and you must be switching from a non-Santander, Cahoot or Cater Allen account.
- You can’t have held a Santander current account on January 1 2025
- You need to open an account online or in a branch
- Within 60 days, switch in an account from a different bank, have two or more active household direct debits and pay in £1,500 or more.
The £180 should be paid between 60 and 90 days after starting the switch.
First Direct
You can get £175 free by switching to the First Direct 1st Account. For this you can also get a seven per cent regular saver, fee-free overseas spending and a £250 zero per cent overdraft.
How to get the £175 bonus:
- You can’t have ever had any account with First Direct
- You can’t have opened an HSBC current account since Jan 2018
- You need to open the account in-app (online for joint accounts)
- Switch in an account from a different bank, including two or more direct debits or standing orders within 45 days
- Pay in £1,000 or more and make five or more debit card payments within 45 days.
The £175 should be paid by the 20th of the following month after you meet the switch bonus criteria.
Co-op Bank
The Co-op Bank Current Account of offering a free £100 to switch, plus £25 a month for three months and seven per cent interest linked regular saver. MSE said: “You can get up to £175 with the Co-op Bank if you switch and stay for three months, though you’ll need to jump some hoops to get it.
“You also get access to its linked regular saver which allows you to save up to £250 a month, and pays seven per cent variable interest for 12 months (maxed out that’s £114 interest).”
This applies to the fee-free Current Account, or the Everyday Extra – a packaged account offering a “range of insurance perks” for a £15 a month fee.
How to get the £100 switch bonus:
- You can’t have had switch cash from Co-op Bank since Nov 1 2022
- You need to open a new account and request to switch in an account from a different bank within two weeks. You can also switch a current account held with a different bank to an existing Co-operative Bank account before the offer expires
- Complete a full switch within eight weeks
- Within 30 days of the switch completing: deposit £1,000 or more, have two or more direct debits, register for online banking or its mobile app, and make 10+ transactions using the debit card.
The £100 will be paid within seven days of meeting all criteria.
