Money Saving Expert Martin Lewis has found another deal to help Brits through the economic downturn this winter. Lewis recently announced on his Money Show Live that it is possible to receive up to £200 just by switching bank accounts.
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Lots of banks give cash payments if you switch your current account through the Current Account Switching Service (CASS). However during the pandemic, a lot of these offers stopped but now they’ve come back with banks offering up to £200, as per The Mirror.
Two of the top offers come from Nationwide and HSBC with both paying £200 for the switch.
Nationwide offers £200 to new customers who choose its FlexPlus, FlexDirect or FlexAccount current accounts. In order to qualify for the cash payment, customers have to complete a full switch and transfer over at least two active direct debits. The cash reward will then go into the account within 10 days
HSBC also offers £200 to new customers who choose its Advance current account. Again you will need to complete a full switch using the CASS service within 30 days of opening the account. You will need to pay £1,500 in the first 60 days and also transfer across two active direct debits. The £200 is then paid within 20 days.
First Direct pays £175 for new customers taking out its 1st Account. Just complete a full switch and transfer in £1000. The £175 is then paid within 28 days. You can also get £20 simply for opening an account with First Direct and not even doing a full switch.
Whilst free money is always good it is worth noting that if you’re thinking of buying a property or taking out a mortgage or credit card soon it may not be the best move for you. Switching bank accounts multiple times can affect your credit score.
However, if that’s not you, it might be worth making a switch and getting a free cash payment just before Christmas. Most consumers say it isn’t too difficult, Martin Lewis explains, in The Mirror:
If you love your bank account stick with it, but if you don't love it why not get paid to ditch and switch? The last Twitter poll I did on it, 81 per cent said it was relatively simple.
- The Mirror 'Martin Lewis explains how to get £200 free - and in time for Christmas'