Martin Lewis reveals how to get £175 free cash – but you have to act quick
MARTIN Lewis’ MoneySavingExpert.com has revealed how you can get a quick £175 cash boost – but you’ll have to act quick.
The consumer website said you can snap up the cash by switching current accounts in its latest newsletter.
Banks and building societies regularly offer switching incentives if you move your bank account across – and you can start in minutes.
A number of banks were offering switching bonuses earlier this month, but now only two major ones are left.
MSE said: “The on-off relationship with bank switching seems to be moving into an off stage.
It added: “Both Santander and TSB have pulled their free-cash bank switch offers.
“Now only two biggies remain – they’re not saying they’re due to end imminently, but closing dates can and do change quickly.”
Here are the details of the two remaining bank offering switching incentives in case you feel like making some free cash.
Bear in mind, if you are someone who regularly switches current accounts, it can have a negative impact on your credit score.
First Direct
First Direct is offering customers who switch to its 1st Account £175 in free cash.
You can also open up a 0% overdraft on the first £250, a 7% regular savings account and there are no fees for using the debit card abroad.
The bank, owned and run by HSBC, scores well on MSE’s website for customer service too.
To get the £175 offer, you have to switch your current account across to a 1st Account, including two direct debits.
Then, within 30 days of starting the switch, you have to pay in at least £1,000, make five or more debit card payments and log on to internet banking.
The five or more debit card payments can be made online or in-store.
You will receive the £175 by the 20th of the following month in which all the above criteria has been met.
You won’t be eligible for the switching offer if you have opened an HSBC current account on or after January 1, 2018.
Lloyds
Lloyds is offering switchers £175 if they open one of three accounts: Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum.
You can also open up a host of other perks by opening one of the accounts, including free cinema tickets and a Disney+ subscription.
To get the money, you have to open an account online, by phone or in-branch, then switch in an account from a different bank including three direct debits by July 30.
The £175 will then be paid within 10 working days of you having started the switch.
You won’t be eligible for the switch if you received a switching bonus from Lloyds, Bank of Scotland or Halifax since April 2020.
Bear in mind, all three of the accounts you can switch to come with a monthly fee worth up to £21.
But these fees are waived when you pay in £2,000 or more each month.
Nationwide and the Co-operative Bank are also running cash bonuses to customers.
But you can only get the £200 from Nationwide if you are an existing customer and Co-op Bank’s offer is only worth £75 up front.
Co-op’s deal also offers you five months of £15 per month if you open a 7% regular saver account with it, meaning the switch is worth £150 overall.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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