Martin Lewis urges savers to claim ‘never seen before’ bank switching offers

Martin Lewis has advised savers to take advantage of a record range of incentives for bank switchers available on the market in February.

Four banks are now offering at least £225 in cash and perks to switch to their services, which Mr Lewis’s Money Saving Expert (MSE) team say they have “never seen before”.

The service has pulled together all seven banks currently offering a cash reward for account switchers, with many also offering other perks such as cashback and high interest rates.

These deals can be a great way to get some extra cash, and usually won’t require customers to stick around once the money has been paid. However, savers should be aware that most won’t pay out again to former switchers until at least a year or two has passed.

Here are all the switching offers on the market in February:

A 2026 offer from TSB promises an upfront cash offer of £150. However, this can be boosted by up to £230 if taking advantage of cashback offers exclusive to new switchers.

To receive the first £150, customers must open their account and deposit £1,000 before 20 March. An extra £50 can then be secured if another £1,000 is deposited in April.

An extra £30 can then be earned through cashback up to £5 per month for the first six months.

The account also provides access to a regular saver, which offers 5 per cent interest on up to £250 a month, fixed for 12 months. This equals a maximum of £71 interest.

Santander is offering switchers £200 for moving to its Edge account, and temporarily boosted this to include a £25 Amazon voucher that can be accessed via MSE.

The account also boasts several other perks for a £3 monthly fee. These include 1 per cent cashback on bills (up to £10), a competitive 6 per cent savings account, and a fee-free overseas debit card.

Digital bank First Direct is giving £175 to new switchers, plus a temporary offer of a £50 Amazon voucher that can be accessed via MSE.

The account also gives access to a strong 7 per cent interest savings account, fee-free overseas spending, and a £250 overdraft at 0 per cent. The bank is also regularly credited for its strong customer service.

This offering from HSBC is exclusively for high-earners – those on £100,000 or more. The bonus requires that this salary be paid into the account. Alongside the bonus, it boasts worldwide family travel insurance up to the age of 69, a range of health benefits, and fee-free transfers between different HSBC accounts worldwide.

Building society Nationwide continues to offer switchers a free £175, plus 5 per cent interest on up to £1,500, 1 per cent cashback for the first 12 months, and a 6.5 per cent regular saver.

Co-op Bank is currently offering £100 to new switchers, plus £25 a month for three months, up to a total of £175. The account also offers a linked regular saver with a competitive 7 per cent interest rate on up to £250 a month savings for 12 months (max £114 interest).