Financial guru Martin Lewis is urging UK residents to capitalise on a lucrative banking opportunity this November, revealing that seven major banks are currently offering free cash to new customers who switch accounts.
Substantial Cash Incentives Available
The MoneySavingExpert founder highlighted that popular banking institutions including Barclays, NatWest, and Nationwide are among those providing financial incentives ranging from £175 to £400 per account switch. These offers are designed to attract new customers before the Christmas period, with most payments expected to arrive by the festive season.
Speaking on his ITV show on Tuesday, November 18, Lewis revealed that some audience members had already profited significantly from repeated bank switching. "There were a number of people in the audience who had already made over £1,000 from bank switching," he reported, explaining that there's currently no limit on how many times consumers can take advantage of these offers.
Detailed Breakdown of Current Offers
Lewis provided a comprehensive overview of the best deals currently available:
Barclays Premier offers the highest incentive at £400, though this is exclusively available to high earners requiring either an income over £75,000 or £100,000 held with Barclays.
Santander provides a £200 switching bonus with an account that carries a £3 monthly fee but includes 1% cashback on bills up to £10 monthly, effectively covering the fee cost.
Barclays' standard account also offers £200, featuring a £5 monthly Blue Rewards fee that can be cancelled after receiving the switching bonus.
Club Lloyds pays £200 for switches where customers pay in at least £2,000 monthly, while First Direct offers £175 with a £1,000 minimum monthly deposit.
Nationwide promises £175 paid by December 6, and NatWest offers the same amount, with payment due by Boxing Day, November 26.
How to Successfully Switch Banks
Lewis emphasised the importance of using the official 7-working day Switch Service, which typically completes within 10 calendar days. This service automatically closes your old account, transfers all funds, and moves standing orders and Direct Debits to your new bank.
The financial expert noted that subscriptions paid via debit card, such as Netflix or Disney Plus, require manual updating with new card details after the switch completes - a process taking just minutes.
For those looking to maximise earnings, Lewis confirmed that using a 'mule account' - a spare account dedicated to switching - is perfectly legal and won't result in blacklisting. "There's no such thing as a blacklist," he stated, adding that organised switchers using spreadsheets to track multiple moves have earned well over £1,000.
The only significant consideration is potential impact on creditworthiness when conducting multiple switches quickly, making it advisable to avoid this strategy when about to renew a mortgage or apply for major loans.
Complete details for all switching offers are available through Martin Lewis's programme on ITVX.
