The MoneySavingExpert’s founder called it ‘a legal bribe’ with a December 9 deadline
Personal finance expert Martin Lewis has claimed that people could pocket up to £400 by simply switching bank accounts ahead of Christmas. On his BBC Podcast, the broadcaster explained how seven banks are currently offering incentives, typically around £200, for customers to switch their accounts.
Barclays tops the list, offering a major £400 to those willing to change. He said: “If people are looking to make a little bit of extra cash right now, bizarrely, they want to look at the banks, because currently there are seven banks willing to pay people free money in order to switch, a legal bribe if you like, and the biggest payer pays 400 quid for your custom.”
He added that the option to switch for a bonus usually comes with one big hurdle, claiming: “One of the things that stops people switching is you can’t get one of these bonuses if you’ve already been a customer of the bank in the past. But, the fact that there are 7 of them means there’s enough choice that most people should be able to find someone who’s willing to pay them.”
Martin suggested that the timing couldn’t be better, reports the Express, with the festive season approaching and the likelihood of increased spending. He told listeners: “The other thing that makes this the perfect sweet spot for bank account switching at the moment is of course Christmas is coming where people need the money.
“But if you were to switch right now and you were to go with all of these banks, the payout would be in time for the big day. I mean, if you did it today [as of October 18], then you should get the money at the very latest by about the 9th of December.
“So it’s well worth doing. So what I would say to people is, unless you’re so deliriously happy with your bank because it gives you a nice massage every single time you deal with it, have a look at whether you can be paid or not.”
The £400 account is when you switch to a Premier Current Account at Barclays. To qualify for that account, customers must open a sole Premier Current Account through the Barclays app using the Current Account Switch Service by 27 November 2025.
The person switching must begin a complete switch and pay in £4,000 to the account, both within 30 days. Terms and conditions plus eligibility requirements apply. For further details click here.
Alastair Douglas, chief executive of TotallyMoney, said: “Loyalty doesn’t pay, but moving banks can. Don’t be put off, because the Current Account Switch Service makes things easy for you – automatically transferring your balance, Direct Debits, and regular income. And more than 50 banks and building societies are part of the service, which has switched more than 11 million accounts.
“To be eligible for most switching offers, you’ll need to transfer at least two active Direct Debits, deposit cash in the first month or so, and use the app. Some banks will ask you to jump through a few more hoops, so read the small print and make a checklist, so you don’t get caught out.”
Alistair has outlined the seven deals currently on offer.
Barclays – £200 bonus
“The Barclays offer also comes with an Apple TV+ subscription worth £9.99 a month, and Cashback Rewards that put money back in your account when you spend. Just remember that the Blue Rewards account will cost you £5 per month, so it’s best to only switch if you feel you can get the best value from it.”
Co-op – £175 bonus
“Co-op will give you £100 for switching, plus £25 a month for up to three months, totalling £175. You’ll also need to make at least 10 card transactions, but once you’ve ticked all the boxes, you’ll receive the incentive within seven days. The offer also applies to the Everyday Extra Account which includes breakdown cover, worldwide travel insurance, and mobile phone insurance costing £18 per month.”
First Direct – £175 bonus
“First Direct offer comes with a £250 interest-free overdraft, and access to a savings account paying 7.00% AER. And if approved, you’ll have instant access to the account and use of a virtual card. Just remember that overdrafts like credit cards and loans are a regulated form of borrowing – so you’ll need to complete an eligibility check when applying.”
Lloyds – £200 bonus
“With an eye-catching offer of £200, most might be tempted to switch to Lloyds. However, the Club Lloyds and Premier Accounts come with a £5 and £15 monthly fee which will quickly eat into the bonus. It’s worth noting that you won’t be eligible for this offer if you received a bonus for switching to Lloyds, Bank of Scotland or Halifax Bank in the past five years.”
Nationwide – £175 bonus
“A simple switch offers that’ll pay you £175 within 10 days of ticking all the boxes. First Direct was also awarded 2025 Which? Banking Brand of the Year, and with 600 branches across the UK, it’s a good choice for those who value service. There are three accounts to choose from, with the free Flex Direct paying 5% interest on up to £1,500 in savings, and up to £60 cashback in the first year.”
NatWest – £175 bonus
“When opening a NatWest Reward account, you’ll be able to earn up to £5 per month in cashback, but it will cost you £2 per month in fees. Add that to the £175 bonus, and you could make £211 in the first 12 months of opening the account.”
TSB – £180 bonus
“The TSB account will pay you £150 when you switch, and up to £10 per month in cashback for three months. The Spend & Save Plus does come with a £3 fee, but for that you can also get a £100 interest free overdraft, earn up to £5 month in cashback, and fee-free spending when you use the card abroad.”