Two major High Street banks currently offering £250 to switch | Personal Finance | Finance

Brits seeking to bolster their finances at the start of 2026 might consider switching their bank accounts. Two leading banks are currently offering a complimentary £250 incentive for those who transfer their custom.

MSE stated: “The starting gun has been fired on the race to win your 2026 banking custom. Many banks turned off their deals in December, but now switching’s back and it’s perfect timing.

“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). This closes your old account and moves all your money, Direct Debits and standing orders for you.

“Payments to the old account are auto-forwarded. You’ll need to pass a not-too-harsh credit check.”

The pair of financial institutions currently providing £250 to new switchers are HSBC and Lloyds.

HSBC

You could pocket a complimentary £250 simply by transferring to the HSBC Premier account. It should be highlighted, though, that this offer caters exclusively to top earners, requiring an annual income of no less than £100,000 to be eligible.

Nevertheless, there are no fees attached, and account holders benefit from complimentary worldwide family travel cover as well as free access to a digital private GP service. On top of the £250 you can also get an additional £500 if you transfer £100,000 or more of savings / investments, and maintain your balance for three months for £500.

The offer ends on February 23, 2026.

Lloyds

Lloyds is currently providing a free £250 incentive for those who switch to their Club Lloyds account. This particular offer isn’t restricted to high earners, though a minimum monthly deposit of £2,000 is required to sidestep a £5 monthly fee.

Additionally, transferring three direct debits to this account is necessary, rather than the standard two. Benefits associated with this account include:

• Annually, customers can select from Disney+ for 12 months, six complimentary cinema tickets, or alternative rewards
• Access to a linked 6.25% one-year AER fixed regular saver account, permitting deposits of up to £400 monthly
• A £100 interest-free overdraft buffer
• A debit card for international spending, offering “near-perfect” exchange rates

This offer ends on February 3 this year.  Further details can be found on the MSE website here.