Martin Lewis puts Santander, Nationwide and TSB customers on alert

Martin Lewis says savvy bank account switchers can bag a free £175, £150 or £100 with Nationwide, Santander and TSB respectively. The BBC Sounds and ITV star's team at Money Saving Expert have championed switching bank accounts on its website.

MSE explained: “Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.”

Money Saving Expert then listed First Direct, which is offering free £175 payments, as well as Nationwide and Santander and TSB, offering free £175, £150 and £100 "upfront" respectively. First Direct's 1st Account is 91 per cent in its service rating.

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MSE explained newbies to First Direct's 1st Account can expect £175 to switch, a £250 0% overdraft (subject to a credit check), a linked regular saver paying 7% fixed for a year and near-perfect rates when spending overseas. You can't have ever had ANY account with First Direct (such as a current account, credit card or mortgage).

The Nationwide account is "another good all rounder", MSE said, with the building society offering a host of perks to newbies switching to its FlexDirect account. On top of the £175 free cash, there's 5% AER interest on current account balances up to £1,500 for a year (maxed out that's £75), 1% cashback for 12 months up to £5/month, plus a 0% overdraft on up to £50.

Santander offers six per cent easy access savings and one per cent bill cashback. TSB is also offering your choice of reward alongside £100 upfront. Complete section 1 and make 20 debit card payments in August 2025 to choose your reward in September 2025.

You can choose either a night away for two at a choice of hotels including Mercure, 2 ODEON cinema tickets each month for 3 months (6 tickets in total) or NOW Entertainment Membership for 6 months.