Financial guru Martin Lewis has identified seven major UK banks that are collectively handing customers a potential windfall of £1,525 this November. The money-saving expert revealed the lucrative switching incentives on his ITV show, highlighting a perfect opportunity for consumers to boost their finances ahead of the festive season.
The Lucrative Bank Switching Deals Detailed
During his programme on Tuesday, November 18, Lewis detailed the specific offers from each institution. He confirmed that members of his audience have already made over £1,000 by strategically using these promotions.
The most substantial offer comes from Barclays Premier, which is providing a £400 switch bonus. However, this deal is exclusively for high earners, requiring an income of over £75,000 or £100,000 held with Barclays.
Other high street lenders are also offering significant sums. Santander is providing £200. Its account has a £3 monthly fee, but it offers 1% cashback on bills, which can amount to £10 per month, effectively covering the cost.
Barclays' standard current account also offers a £200 incentive, though it comes with a £5 monthly fee for its Blue Rewards scheme.
The following banks are also offering attractive switching bonuses:
- Club Lloyds: £200 (requires a minimum pay-in of £2,000 per month)
- First Direct: £175 (requires a minimum pay-in of £1,000 per month)
- Nationwide: A free £175, which will be paid by December 6
- NatWest: £175, with payment due by Boxing Day, November 26
How to Successfully Claim Your Cash
Martin Lewis provided clear guidance for those looking to capitalise on these deals. He emphasised that you must use the 7-working-day Switch Service, which typically takes around ten days in practice.
He also addressed a common concern, stating there is no such thing as a blacklist for frequently switching accounts. Savvy individuals use a 'mule account'—a dummy account set up specifically for switching—to repeatedly take advantage of these offers.
"There are people out there who have made well over £1,000 just from switching bank accounts," Lewis confirmed, noting that two people featured on his show had achieved this impressive feat.
With these time-limited offers, UK banking customers have a direct path to earning substantial extra cash simply by moving their current account, providing a welcome financial boost as the end of the year approaches.
