Here’s what you need to know about the current switch deals
Three leading UK banks are presently providing free cash rewards totalling up to £730 for account switching. Nevertheless, it’s crucial to understand all the qualifying requirements to ensure eligibility.
Banks frequently offer incentives for transferring to their services, with these deals appearing and disappearing throughout the year. If you have no specific loyalty to your existing bank, it can be worthwhile to commit to switching and pocket some additional funds.
According to the Money Saving Expert (MSE) website, established by Martin Lewis, the team explained: “Unless you’re delighted with your bank, why not get paid to ditch & switch? There’s a wealth of banks paying a good whack, so scan the list and go for your best mix of cash and perks.
“All allow single and joint accounts. Switching’s usually quick and easy. To get the free cash (usually paid within two or three months), you need to use the bank’s seven-working-day switch service (so it takes roughly 10 days).”
Based on MSE’s findings, three of the most lucrative switching offers are currently available from HSBC, Lloyds, and TSB.
HSBC
A complimentary £250 is available when transferring to the HSBC Premier account. However, it’s essential to recognise that this option is exclusively for high earners, requiring a minimum £100,000 annual salary to qualify.
However, this comes without fees and includes complimentary worldwide family travel insurance and free digital private GP access. Beyond the £250, you can secure an additional £500 by transferring £100,000 or more in savings or investments, and maintaining your balance for three months.
The offer concludes on February 23, 2026.
Lloyds
Lloyds is providing a free £250 for switching to a Club Lloyds account. You don’t need to be a high earner for this one, but you must deposit at least £2,000 monthly to avoid a £5 monthly fee.
You’ll also need to transfer three direct debits, rather than the standard two, to this account. Benefits of this account include:
- Annually, you can choose between Disney+ for 12 months or six complimentary cinema tickets, amongst other options
- Access to a linked 6.25 per cent one-year AER fixed regular saver, where you can deposit up to £400 monthly
- A £100 zero per cent overdraft buffer zone
- A debit card for overseas spending with “near-perfect” exchange rates
This offer expires on February 3 this year.
TSB
New customers can receive £230 free for switching to the TSB Spend and Save account. This includes an initial £150, followed by another £50, and potentially £5 monthly for six months.
In addition to the initial complimentary £150, there’s £50 available if you deposit another £1,000 in April. Furthermore, you’ll receive £5 cashback monthly for six months, provided you make 20 or more debit card transactions each month.
Additionally, this account provides access to a linked regular saver account, which offers five per cent AER fixed for 12 months on deposits of up to £250 monthly. This offer remains available until March 20, 2026.
