Martin Lewis’ verdict on best five bank accounts offering up to £170 for 5 mins work

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In the latest Money Saving Expert (MSE) newsletter, financial journalist Martin Lewis recommends people switch banks as it only takes five minutes and could make someone £170 richer. He highlighted which banks are offering the best bank bribes right now.

“For those put off by tales of switching woe, do check when they happened,” the MSE newsletter advised.

He continued: “Since 2013, there’s been a simple ‘seven-day switch’ system in play.

“Now bank-switching services do it for you – closing the old account and auto-moving all direct debits, standing orders and payments.

“So it should now be simpler and smoother.”

The top payer is currently HSBC which is offering new customers £170 to switch, however there are four other banks paying bank bribes which aren’t as much but rate higher for customer service.

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The current top five bank accounts for switching offers are:

  • HSBC                  £170                                          38 percent great (for customer service)
  • First Direct          £150                                           90 percent great
  • Lloyds Bank        £125                                            61 percent great
  • Nationwide         £100                                            70 percent great
  • Virgin Money      20,000 points                                45 percent great

Readers have been telling how they have made thousands of pounds over the years by switching bank accounts.

Verena from Lancaster has earned an impressive £1,025 over the years. 

The 32-year-old first switched her bank account in 2019 when she was looking for a quick and easy way to boost her savings pot.

She told “Switching my bank account seemed like a very low effort way of making over £100 for ten minutes filling out an application form online.”

What is happening where you live? Find out by adding your postcode or visit InYourArea

Latest statistics show 196,964 switches took place between January and March 2022 – a 41 per cent annual increase according to the Current Account Switch Service.

To receive the switching bonus, people usually have to use the Current Account Switching Service.

Most banks are now signed up to this service which handles the switch of all direct debits and regular payments.

Martin Lewis is the Founder and Chair of To join the 13 million people who get his free Money Tips weekly email, go to

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