HSBC, Lloyds, TSB offer combined free £730 for their 2026 switching deals | Personal Finance | Finance
Three UK banks are currently offering a combined £730 for switching (Image: Getty)
Three major UK banks are currently offering free cash incentives totalling up to £730 for customers who switch accounts. However, it’s essential to familiarise yourself with all eligibility criteria to ensure you qualify.
Banks regularly offer incentives for switching to their services, with these promotions coming and going throughout the year. If you’re not particularly attached to your current bank, making the switch can prove extremely worthwhile and put some extra money in your pocket.
According to the Money Saving Expert (MSE) website, founded by Martin Lewis, the team stated: “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).”
According to MSE’s research, three of the most generous switching deals are presently on offer from HSBC, Lloyds, and TSB.
Lloyds Bank is one of the banks offering a switch deal at the moment (Image: Getty)
HSBC
A free £250 is on offer when switching to the HSBC Premier account. However, it’s important to note that this option is exclusively for high earners, necessitating a minimum annual salary of £100,000 to be eligible.
However, this offer comes fee-free and provides complimentary worldwide family travel insurance alongside free digital private GP access. In addition to the £250, you can obtain a further £500 by transferring £100,000 or more in savings or investments and maintaining your balance for three months.
The offer ends on February 23, 2026.
Lloyds
Lloyds is offering a complimentary £250 for switching to a Club Lloyds account. You don’t need to be a high earner for this one, though you must deposit at least £2,000 each month to avoid a £5 monthly charge.
You’ll also need to transfer three direct debits to this account, rather than the usual two. Account benefits include:
- Each year, you can select between Disney+ for 12 months or six complimentary cinema tickets, among other choices
- Access to a linked 6.25%one-year AER fixed regular saver where you can save up to £400 monthly
- A £100 0% overdraft buffer zone
- A debit card for overseas spending with “near-perfect” exchange rates
This offer ends on February 3 this year.
TSB
New customers can claim £230 free for switching to the TSB Spend and Save account. This comprises an initial £150, followed by a further £50, and potentially £5 monthly for six months.
Beyond the initial complimentary £150, there’s £50 available if you deposit an additional £1,000 in April. Moreover, you’ll receive £5 cashback each month for six months, provided you make 20 or more debit card transactions per month.
Furthermore, this account includes access to a linked regular saver account, offering a fixed rate of 5% AER for 12 months on monthly deposits of up to £250. This offer is available until March 20, 2026.
