Financial guru Martin Lewis has unveiled a lucrative banking opportunity that could put hundreds of pounds directly into consumers' pockets through a straightforward account switch. The renowned money-saving expert detailed how a strategic move to TSB's Spend and Save account could yield substantial rewards totalling up to £255 for eligible participants.
The Lucrative Switch Incentive
In his widely-read newsletter published on Wednesday, January 28, Lewis highlighted what he humorously termed "switch bribes" offered by financial institutions to attract new customers. For 2026, TSB (Trustee Savings Bank) emerges as offering one of the most generous mainstream switching deals currently available in the UK banking sector.
Breaking Down the £255 Package
The comprehensive reward package consists of multiple components designed to benefit new customers significantly:
- £150 upfront cash payment for completing the switch
- £50 bonus payment in April 2026
- £5 monthly cashback for six consecutive months (totalling £30)
- £25 Amazon voucher for applications made through specific channels
Eligibility Requirements and Process
While the prospect of free money appeals universally, certain criteria must be met to qualify for these financial incentives. The process, though requiring some administrative effort, remains manageable for most banking customers.
Step-by-Step Qualification
- Open a new TSB Spend and Save or Spend and Save Plus account through online platforms, mobile applications, or branch visits
- Complete the switch from your existing current account to the TSB account before the March 20 deadline
- Maintain at least £1,000 in your account balance (potentially from salary deposits or transfers)
- Make a minimum of five debit card transactions before March 20
- Regularly log into the TSB mobile banking application
Payment Schedule and Additional Benefits
The reward distribution follows a structured timeline with specific conditions attached to certain payments. Successful applicants can expect the £150 payment by April 7, 2026, while the additional £50 requires another £1,000 deposit during April and will be paid by May 31.
Martin Lewis specifically emphasised the cashback component, stating: "You get £5 cashback for making 20-plus debit card payments in each of the first six months (so £30 total)." Regarding the Amazon voucher, applications submitted through the Money Saving Expert website guarantee delivery within 90 days of acceptance.
Supplementary Financial Advantages
Beyond the immediate switching bonuses, the TSB Spend and Save account provides access to a 12-month fixed regular saver account offering 5% interest on monthly deposits up to £250. Calculated over the full term, this could generate approximately £71 in additional interest earnings - essentially complimentary savings growth.
Important Limitations to Consider
Prospective applicants should note this offer exclusively targets new TSB customers who haven't received any "switch bonus" from the bank since October 1, 2022. The promotion represents a time-limited opportunity requiring action before the March deadline, making prompt consideration advisable for those seeking to maximise their personal finances through strategic banking decisions.
