Martin Lewis, founder of MoneySavingExpert.com, has identified seven UK banks offering lucrative switching bonuses this November, with totals reaching up to £1,525. These deals come as part of pre-Christmas promotions designed to attract new customers to high street lenders.
Speaking on ITV on November 18, Martin highlighted how some of his audience members have already earned over £1,000 by taking advantage of these offers. He emphasized that the key to maximizing these bonuses is using the seven working day Switch Service, which typically takes about ten calendar days to complete.
Here are the standout offers:
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- Barclays Premier Account: The highest bonus currently available is £400, but only for high earners with a salary over £75,000 or £100,000 held with Barclays Premier.
- Santander: Offers £200, despite a £3 monthly fee. The account includes 1% cashback on bills up to £10 monthly, making it financially worthwhile.
- Barclays Blue Rewards Account: Provides £200, with a £5 monthly fee.
- Club Lloyds: Pays £200 for customers who deposit at least £2,000 each month.
- First Direct: Offers £175 with a £1,000 monthly pay-in requirement.
- Nationwide: Also provides a £175 bonus, paid by December 6.
- NatWest: Matches the £175 bonus, paid by Boxing Day (November 26).
Martin also noted there’s no blacklist for switching accounts, meaning anyone can participate. Some savvy switchers even use a “mule account” strategy—a temporary account used solely to port funds to maximize switching bonuses effectively.
By carefully managing these offers, customers can receive significant rewards simply by changing their bank accounts before the end of the year.