Martin Lewis: Money Saving Expert's best savings account ‘legal bribe’ bank switch could get you £400 cash
Martin’s simple idea could land you extra cash in time for the holidays 🎄
- Martin Lewis says people can get up to £400 free cash by switching bank accounts now
- Seven banks are offering “legal bribes” to attract new customers ahead of Christmas
- Barclays leads the pack with a £400 switching bonus available until November 27
- Payments could arrive by early December, giving a handy boost for festive spending
- The Current Account Switch Service makes the process quick, easy, and automatic
With the cost of living still biting and festive spending fast approaching, Martin Lewis has revealed a simple way to get up to £400 of free cash in time for Christmas, and it’s all perfectly legal.
The MoneySavingExpert founder says now is the “sweet spot” to take advantage of banks’ “legal bribes”, cash incentives paid to new customers who switch current accounts.
It’s one of his most reliable ways to boost your balance before December, and this year’s deals are particularly generous.
Speaking on The Martin Lewis Podcast, he said: “Christmas is coming, where people need the money. But if you were to switch right now and you were to go with all of these banks, the payout would be in time for the big day.”
He added that seven banks are currently paying people to move their money, with Barclays topping the list by offering £400 upfront to new customers.
“Unless you’re so deliriously happy with your bank because it gives you a nice massage every single time you deal with it,” Lewis joked, “have a look at whether you can be paid or not.”
How it works
Banks regularly offer cash incentives to lure new customers, and the Current Account Switch Service (CASS) makes the process quick and hassle-free.
It automatically transfers your old balance, Direct Debits, standing orders, and incoming payments to your new account, and guarantees the switch will be completed within seven working days.
Alastair Douglas, chief executive of credit app TotallyMoney, explained: “Loyalty doesn’t pay, but moving banks can.
“The switching service makes things easy — it’s automated, and more than 50 banks and building societies are part of it, having switched over 11 million accounts.”
To qualify for most offers, you’ll usually need to transfer at least two active Direct Debits, deposit a certain amount of money in the first month, and use the app. Each bank’s criteria differ slightly, so checking the small print is essential.
Who’s paying the most?
Barclays is the current market leader, offering £400 to those who switch to its Premier Current Account via the Barclays app before November 27. The deal also includes access to Blue Rewards as standard.
TSB is paying £150 upfront, plus up to £210 in monthly cashback rewards when using your debit card and paying bills through the account.
Several other major names are offering between £100 and £200 for switching, meaning there’s plenty of choice depending on your needs and banking habits.
Why now’s the perfect time
Lewis says acting quickly is key if you want your bonus before the festive rush. If you start the process in mid-October, most switch payments will land by early December, giving you a handy cash injection for gifts, food, or bills.
“It’s well worth doing,” Lewis said. “If you switched today (October 18), you should get the money at the very latest by about December 9 — just in time for Christmas.”
So, before you tighten your belt for the holiday season, it might be worth seeing if your bank will pay you to leave. After all, as Lewis puts it: “Why stay loyal when someone else is willing to pay you hundreds to move?”
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