Martin Lewis’ MSE website has revealed how cash-strapped Brits can earn up to £200 for simply opening a new bank account, as five major lenders continue to offer lucrative incentives
Brits are being urged to make the most of lucrative bank bonuses worth up to £200 – and they aren’t just for new customers.
If you’re still feeling the financial wrath of ‘Awful April’, which saw a slew of household bills spiral, moving banks could help alleviate some of the pressure. It might sound too good to be true, but many high-street lenders actually offer huge incentives for new (and sometimes even existing) customers to lure them in.
Often, this includes free cash bonuses, often referred to as legal bank ‘bribes’, or perks such as access to cashback deals, 0 per cent overdrafts, and high interest rate savings accounts. However, there will always be a slew of criteria customers need to meet in order to be eligible for the rewards.
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Martin Lewis’ MSE website states there are currently five banks offering switch bonuses this month, with one particular lender offering a hefty £200 free bonus. “Switching’s usually quick and easy,” MSE states. “In Martin’s recent social media poll, 90 per cent of the 5,500 who’d switched said it was easy and hassle-free.”
First Direct – free £175
As previously reported, First Direct is currently offering newbies £175 if they open up an account using the Current Account Switch Service. Within 45 days of opening the account, you’ll need to transfer at least two Direct Debits or standing orders, deposit £1,000, make five or more debit card payments, and log on to digital banking.
First Direct is also offering a £250 interest-free overdraft (subject to status) and access to its 7.00 per cent AER/gross Regular Saver account. However, this offer is only available to new customers – and excludes those who have previously held a First Direct product or those who have opened an HSBC current account on or after January 1, 2018.
Co-op Bank – free £100
The Co-operative Bank is still offering £100 for new customers, as long you deposit £1,000, have two or more Direct Debits, you register for online/mobile banking, and make at least 10 debit card transactions within the first 30 days of switching. Co-op warns that deposits or transactions made prior to the switch completion will not count towards the £100 criteria.
You can also get £25 for three months (worth £75) by continuing to actively use your current account. This requires customers to deposit £1,000 or more, make ten or more card or digital wallet transactions, and have two active Direct Debits. If you do not meet the eligibility criteria for one of the months, you can still meet it in one of the following months.
TSB – free £100
TSB is another bank offering newbies a £100 welcome bonus for completing a full switch to their Spend and Save account. You’ll need to log into the TSB Mobile Banking App and make at least five payments on your debit card before July 19, 2025, to earn the bonus (which will be paid between August 2-16, 2025).
Customers can also earn £15 cashback each month for up to six months, which is worth a whopping £90. To qualify for this separate bonus, you’ll need to make 20 or more debit card payments in a calendar month (pending payments don’t count) and the cashback will be paid into your account the next calendar month.
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Santander – free £180
Santander is offering customers using the Current Account Switch Service £180 when opening up a Santander Edge current account. Similar to the other banks, you’ll need to have at least two Direct Debits and pay in £1,500 within 60 days of submitting your initial switch request.
The generous offer isn’t available for anyone who has held a current account with Santander on January 1, 2025, or if you’ve previously made use of a Santander switcher incentive. However, there is a big catch with this account, as you will have to pay in £3 per month to maintain it, and need to pay in £500 into your account each month. Still, with one per cent cashback on energy bills, council tax, broadband, TV, mobile and water bills (maxed at £10 per month) it could still be worth paying for the account.
According to MSE, Santander is also offering one per cent cashback on supermarket, fuel and train spending. This is capped at £10 per month and is only valid until September 9, 2025.
Nationwide – free £200
Arguably saving the best until last, Nationwide is offering a whopping £200 for those opening a Nationwide FlexDirect account. However, this freebie is only for those who already have a Nationwide personal savings account (including cash ISAs) or residential mortgage who are switching a different current account from another bank. You’ll need to be a qualifying member as of March 31, 2025, have at least two Direct Debits, pay in at least £1,000 and make one debit card payment within the first 31 days of opening the account.
*This article does not constitute financial advice. Always read the full terms and conditions before moving bank accounts.
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