As 2026 gets underway, Martin Lewis has shared the latest deals for those keen to switch bank accounts to take advantage of for a financial boost in the new year.
The financial guru’s MoneySavingExpert has pulled together six banks currently offering a cash incentive for account switchers, with many also offering other perks such as cashback and high interest rates.
Savers can get up to £250 just by moving their bank account, with most offering other perks lasting at least a year to further incentivise would-be switchers.
These deals can be a great way to get some extra cash, and usually won’t require customers to stick around once the money has been paid. However, savers should be aware that most won’t pay out again to former switchers until at least a year or two has passed.
The financial guru’s MoneySavingExpert has pulled together six banks currently offering a cash incentive for account switchers (ITV)Here are the best deals currently on the market:
TSB Spend & Save – up to £230
The fresh 2026 offer from TSB promises an upfront cash offer of £150. However, this can be boosted up to £230 if taking advantage of cashback offers exclusive to new switchers.
To receive the first £150, customers must open their account and deposit £1,000 before 20 March. An extra £50 can then be secured if another £1,000 is deposited in April.
An extra £30 can then be earned through cashback – at up to £5 per month for the first six months.
The account also provides access to a regular saver, which offers 5 per cent interest on up to £250 a month, fixed for 12 months. This equals a maximum of £71 interest.
Club Lloyds – £250
Lloyds has upped its 2026 offering to £250 to switch to its Club account. The deal also provides access to a competitive 6.25 per cent interest regular saver and allows for fee-free overseas spending.
This account also provides a yearly reward, allowing holders to choose from 12 months’ Disney+ (with ads), six cinema tickets, a Coffee Club and Gourmet Society membership, or a subscription to a magazine. This costs £5 a month unless at least £2,000 a month is paid in.
Get a free fractional share worth up to £100.
Capital at risk.
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Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
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TSB is offering up to £230 for those who take advantage of cashback offers exclusive to new switchers (PA)HSBC Premier – £250
This new offering from HSBC is exclusively for high-earners – those on £100,000 or more. The bonus requires that this salary be paid into the account. Alongside the bonus, it boasts worldwide family travel insurance up to age 69, a range of health benefits, and fee-free transfers between different HSBC accounts worldwide.
Santander Edge – £200
Santander is offering switchers £200 for moving to its Edge account, which boasts several other perks for the £3 monthly fee. These include 1 per cent cashback on bills (up to £10), a competitive 6 per cent savings account, and a fee-free overseas debit card.
First Direct 1st Account – £175
Digital bank First Direct is offering £175 to new switchers, access to a strong 7 per cent interest savings account, fee-free overseas spending, and a £250 overdraft at zero per cent. The bank is also regularly credited for its strong customer service.
Nationwide FlexDirect – £175
Building society Nationwide continues to offer switchers a free £175, plus 5 per cent interest on up to £1,500, 1 per cent cashback for the first 12 months, and a 6.5 per cent regular saver.
