Money expert Martin Lewis has shared how savers can get hundreds in free cash as living costs continue to rise.

Inflation hit 2.9 per cent in July according to official data, meaning households are starting to pay more for everyday expenses.

To help bolster finances, Mr Lewis has recommended seven easy options for people who are open to switch banks to net up to £220.

Writing in his newsletter, the money guru said: “This week's a cracking one to switch banks, with one of the broadest batches of free cash incentives we've seen for a while – which means most will qualify for at least one of them as a 'new customer'.”

“A crucial measure of bank profitability is the 'cross-sell' ratio - ie, how many different products they can sell you. Banks believe if they have your current account, it's easier to sell you other things, which is why so many are willing to (legally) bribe you to switch to them right now,” he explained.

These deals are an easy way to get extra cash, and usually won’t require customers to stay with the bank once the money has been paid.

However, most banks won’t pay out again to former switchers until at least a year or two has passed.

These are four deals paying over £200 recommended by Mr Lewis:

HSBC – £220

The latest deal from HSBC leads the pack with an upfront cash offer of £220. This is a “rare” offer for the banking giant, Mr Lewis said.

To qualify, savers must spend £500 on their new debit card in the first 60 days of opening the account, and pay in a total of £2,000.

Customers can also take advantage of HSBC’s five per cent regular saver on up to £250 for a year, although this is not a market-leading offer.

Eligibility for the scheme has also been widened from previous deals, with former customers of HSBC sister bank First Direct able to take advantage of the scheme. This only applies if they banked with First Direct before 2023.

Barclays – £200

Switchers to a Barclays bank account can get £200 for their custom. To qualify, they must pay in a total of £2,000 in the first 30 days of opening.

This gives the option to opt in for Barclays Blue Rewards at £5 a month, granting an Apple TV subscription (usually £10 a month). At least £800 a month must be paid in for this.

No one who has had a previous switch bonus from Barclays is eligible, and switchers can’t have held an account with the bank on or before 9 June 2026 to qualify for the current bonus.

But you’ll need to act fast as the offer ends on 27 August.

NatWest Reward – £200

NatWest’s switch deal also offers £200 to savers who pay in £1,250 within 30 days of opening a Reward account with the bank.

Unlike a regular account, this carries a £2 month fee but – with £5 a month cash back – nets eligible savers £3 a month for a year. This equates to a net gain of £36 for the year, and requires at least £1,250 to be paid in each month for the full cash back to be paid.

The account comes with an attached 5.25 per cent regular saver on up to £150 a month. While this is not market-leading, savers are not restricted to a year of saving but can carry on until a maximum £5,000 balance.

Those wanting to take advantage of the switch offer cannot have received a previous NatWest, RBS or Ulster Bank switch bonus, or held a NatWest current account as recently as 6 May 2026.

FirstDirect 1st Account – £175 (plus £25 Amazon voucher)

FirstDirect’s switch offering adds up to £200 when factoring in the added Amazon voucher, while the bank offers some market-leading perks.

To qualify for the offer, savers must pay in a total of £1,000 within 45 days of opening the account.

Eligibility is strict, with only totally new customers to FirstDirect being eligible. Those who had any FirstDirect product or opened a HSBC current account since January 2018 will not qualify.

FirstDirect also offers a highly competitive seven per cent regular saver on up to £300 a month, an interest free overdraft, and a leading exchange rate for overseas spending.