Money Saving Expert Martin Lewis has unveiled a new opportunity for bank customers to earn up to £190 in free cash simply by switching their bank accounts. Major high-street banks, including Barclays, TSB, and The Co-Operative Bank, are currently offering generous switch deals to attract new customers.
In recent months, banks like Lloyds and Nationwide have also run similar switch incentives, making this an ideal time for those looking to switch accounts and pocket some extra money.
How to Claim Up to £190 by Switching Banks
At the time of writing, three major banks are offering cash bonuses through switch deals, according to Martin Lewis. Here’s a breakdown:
1. Barclays – £175 Switch Bonus
Barclays is currently offering £175 to customers who switch to one of their sole accounts. Follow these steps to claim the bonus:
- Open a sole account via the Barclays app (joint accounts are excluded).
- Switch in an account from another bank, including two Direct Debits.
- Enroll in Barclays’ ‘Blue Rewards’ scheme (£5 per month, requires £800 monthly deposits and registration for digital banking).
- Deposit at least £800 by August 30, 2024.
Once these steps are complete, the £175 will be paid into your account within 28 days. However, this offer is not available if you have an existing Barclays account or have closed one since July 8, 2024. Additionally, if you’ve received a switch bonus from Barclays before, you are not eligible.
Other Barclays Perks Include:
- Free Apple TV+ subscription (worth £8.99/month).
- Free Major League Soccer streaming (worth £12/month).
- 5.12% interest saver on up to £5,000 (equating to £256/year if maxed out).
2. TSB – Up to £190 Switch Bonus
TSB is offering new customers up to £190. This is split into an upfront £100 bonus, plus an additional £90 over six months.
To claim the £100 bonus:
- Open a TSB account online, via the app, or in a branch.
- Switch in an account from another bank within 21 days.
- Spend using the debit card at least five times and log into the mobile app by September 27.
The £100 will be paid between October 15 and 25. However, customers who have received a switch bonus from TSB since October 1, 2022, are ineligible.
For the extra £90, you’ll need to:
- Use the debit card 20 times per month for the first six months (earning £15 cashback per month).
- Make at least 20 debit card payments in March 2025 to earn an extra reward in April 2025, such as six Odeon cinema tickets or a six-month Now Entertainment membership.
3. The Co-operative Bank – Up to £160 Switch Bonus
The Co-operative Bank is offering up to £160 for new customers who switch accounts.
To claim the initial £100 bonus:
- Open a Co-operative Bank account online.
- Request a switch from another bank within 10 days and complete the switch within six weeks.
- Within 30 days of switching, deposit at least £1,000, set up two Direct Debits or standing orders, and use the debit card five times.
The £100 bonus will be paid within 40 days of switching.
To earn an additional £10 per month for six months:
- Qualify for the £100 payment.
- By the 20th of each month, have two active Direct Debits or standing orders and use the debit card five times (beginning the month after receiving the switching bonus).
This offer is not available to anyone who has received a switch bonus from The Co-operative Bank since November 1, 2022.
Take Advantage of Bank Switch Offers
Switching your bank account can be a simple way to earn extra cash, especially with the generous offers available from Barclays, TSB, and The Co-operative Bank. For more information or to claim one of these bonuses, visit the relevant bank’s website and follow the instructions.
Recommended Reading:
- Barclays, Halifax, Lloyds, and NatWest bank branches are set to close this month.
- Nationwide to pay a free £100 bonus to millions of UK customers.
- Martin Lewis confirms whether Premium Bonds are really ‘worth it’.
