After months with few 'big cash' offers to customers, many of the big retail banks are kicking off the fight for new customers with a wide range of offers to draw people to their current accounts - and finance guru Martin Lewis is drawing people's attention to three of the best offers that could give people an easy cash boost.
Speaking on his weekly Martin Lewis Podcast, the financial journalist welcomed the return of big cash offers to new customers, with three major banks now offering £175 in free cash to anyone who signs up. All you have to do to get this large boost to your personal finances is pay some money into the new account.
After spending the morning on Good Morning Britain grilling Labour and Conservative politicians over their plans for the economy, Martin Lewis was ebullient at the start of his weekly podcast, saying excitedly: "It's my pre-election budget giveaway, yes, I am giving you free cash - bank switching bribes are back."
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You do not even need to restrict yourself to just one of these offers, with smart switchers able to grab a total of £525 free from high street banks. Mr Lewis continued: "So you can grab £175 for free from three different banks and some of you can do it multiple times too."
Pleased to have good news for consumers, Martin Lewis called the big switching offers a "legal bribe" for new customers. Adding: "The three I'm going to highlight first all pay you £175, so if you fancy a little bit of extra cash, why not grab it from your bank?"
To take advantage of these offers, you must be a new customer of the bank and will need to move some money and direct debits over, but after that the money is yours.
Three of the best 'big cash' bank switching bonuses
There are three banks currently offering the free £175 offer, with a variety of other bonuses and requirements to entice customers. For the savvy switcher, this could mean an easy £525 just for moving money around.
Martin Lewis' 'top pick' of the three is Santander's 'Edge' account, which offers a good interest rate for savings of up to £4000 on top of the free £175 cash - but the best choice will depend on your circumstances.
Santander Edge
Free £175, cashback, seven per cent interest on savings
In addition to the free money, the Edge account offers a high interest rate on savings and you can also get 1 per cent of the amount you spend on bills, groceries and fuel, returned as £20 cashback each month.
To access this offer, you will need to pay in £1500 within the first 90 days and have around £500 moving through the account each month, as Santander tries to draw in more current account users.
Martin Lewis said, with this cashback offer, customers can "gain around £275 in a year", just by using the account. If you count the high-interest savings, this could increase even further. He also pointed out that the card has no foreign exchange rate, making it good for trips abroad.
First Direct 1st Account
Free £175, free overdraft, high interest
First Direct are also giving away £175 free to customers who switch their accounts, with a similar set of offers to Santander.
As well as free money and seven percent interest on savings, the bank is also offering free overdraft services up to £250, which could make it significantly easier for those in their overdraft to pay their way out of it without excessive fees.
To access these offers, First Direct wants customers to put £1000 in the account within 30 days, which can then be withdrawn, as well as five uses of the debit card.
Martin Lewis said: "If you go into your overdraft occasionally, you could use the free £175 to clear your overdraft, and if you have any left, the rest will be at 0 per cent."
Club Lloyds
Free £175, Free Disney +, 6.2 per cent interest
Club Lloyds is offering a whole series of freebies to draw in new banking customers, including Disney + and a larger amount that can be saved in their higher interest account.
To access this free cash and freebies, you will need to pay in £2000 each month, or there is a £3 fee. You will have to move over three direct debits as well.
Martin Lewis added: "And a linked 6.25 per cent regular saver, you can put a little more money in this than First Direct even though the rate is lower, so the total interest will be more."