UK banks paying up to £500 to switch right now including one with £100,000 catch

One of the major UK banks is shelling out hundreds of pounds as the carrot for competitors' customers to join the dark side (switch over to them, in other words).

As usual, this tantalising news arrives via financial guru Martin Lewis and his Money Saving Expert team, as well as rival site MoneySupermarket.com current account breakdown.

The round-up comes as Halifax announced it is merging with Lloyds, the former banking brand being scrapped after 173 years. Halifax customers will be moved over to Lloyds as part of the deal.

Lloyds Banking Group, which has owned Halifax since 2009, said there is nothing that customers need to do and they will be contacted about the changes.

Jas Singh, Lloyds Banking Group’s chief executive of consumer relationships, said: “As Halifax changes to Lloyds, our Halifax customers will keep everything they know and love today – the same fantastic app design, the same friendly faces in our branches – even the same sort code and account number.

“But as Lloyds customers, they’ll get the best innovation and experiences we offer.”

Away from the headlines, and fresh from breaking a company-wide tradition by giving Brits a 60-day deadline to earn £220 for free, HSBC is now looking to introduce some seriously high-earners to its customer portfolio with its HSBC Premier account.

To those people who are winning at life with £100,000-plus salaries - or willing to transfer the same amount in savings and investments - there's a £500 welcome guarantee waiting for them. It also comes with worldwide family travel insurance, which can be quite costly.

Money saving expert Martin Lewis has pointed banking customers towards a HSBC joining deal (HGL/GC Images)

Eligibility and terms and conditions still apply, but if the switch to the bank's Premier Account goes through without any scrapes, this handsome amount of cash has a 70-day payment promise.

HSBC isn't alone when it comes to joining perks though, because rivals such as NatWest, the Royal Bank of Scotland (RBS), Barclays and Santander all have a few tricks up their sleeve too.

For instance, MoneySupermarket.com currently tells us that Barclays is gifting new customers £200 when they switch via the bank's official app. It also comes with an Apple TV subscription.

All you have to do is pay in £2,000 within 30 days of opening the account, which is good news for anyone earning around £29,000 or more per year.

RBS is willing to part with £200 as well, if newcomers use its Current Account Switch Service. You can get the cash by paying in £1,250 within 60 days.

Bye bye, Halifax (Getty Stock Photo)

First Direct is also offering a hefty sign up fee. To bag this surprise bonus, within 45 days of opening a First Direct account you'll need to 'switch to us using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make five-plus debit card payments, and log on to digital banking.'

An extra £25 offer is available for accounts opened between 18 May and 15 July 2026, so you'd better get your skates on.

Switching is simple and hassle-free as they'll let your old bank know about your intentions before automatically transferring everything over.

Martin Lewis advised his subscribers: "We say grab the cash if it works for you, but don't let it buy your loyalty.

"You needn't stick with the bank for other products, so bag yourself the best credit card, loan, savings, mortgage and more from across the market. However, don't let that stop you getting paid for your custom."