Bank customers willing to switch providers could receive up to £250 in cash as major lenders launch a fresh wave of current account incentives.
HSBC, Lloyds and TSB are all offering switching bonuses to customers who move their main current account using the Current Account Switch Service, which automatically transfers balances, direct debits and standing orders.
MoneySavingExpert said the deals are worth considering for anyone not strongly attached to their existing bank, describing switching as one of the simplest ways for households to secure a one‑off cash boost.
“Unless you’re delighted with your bank, why not get paid to ditch and switch,” a spokesman said, adding that several lenders were “paying a good whack”.
Most switches are completed within around 10 days under the seven‑working‑day service, with banks typically paying bonuses within two or three months.
HSBC is offering the largest upfront payment, with £250 available through its Premier current account.
The account is aimed at high earners and is restricted to customers with an annual income of at least £100,000, though it does not carry a monthly fee.
Perks include worldwide family travel insurance and access to a digital private GP service.
Three major UK banks offering £250 cash for free
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HSBC is also offering an additional £500 to customers who transfer £100,000 or more in savings or investments and maintain that balance for three months.
The offer closes on February 23.
Lloyds is also offering a £250 switching bonus through its Club Lloyds account.
Unlike HSBC, it does not require a six‑figure salary, but the account carries a £5 monthly fee unless customers pay in at least £2,000 each month.
Lloyds also requires three direct debits to be transferred as part of the switch
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Lloyds also requires three direct debits to be transferred as part of the switch.
Club Lloyds customers can choose an annual perk such as a 12‑month Disney+ subscription, six cinema tickets or other lifestyle benefits.
The account also offers access to a linked regular saver paying 6.25 per cent AER fixed for 12 months, allowing customers to save up to £400 per month.
Additional features include a £100 interest‑free overdraft buffer and competitive overseas exchange rates. The switching offer closes on February 3.
TSB is offering up to £230 to customers who switch to its Spend and Save account
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GETTYTSB is offering up to £230 to customers who switch to its Spend and Save account.
New customers receive £150 shortly after completing the switch, with a further £50 paid if they deposit £1,000 into the account during April.
TSB is also offering monthly cashback, with customers able to earn £5 per month for six months if they make at least 20 debit card payments each month.
The account includes a linked regular saver paying five per cent AER fixed for 12 months, with deposits capped at £250 per month.
The offer runs until March 20, making it the longest‑running of the three deals.