Martin Lewis urges savvy savers to switch their bank accounts to get hundreds of free cash.
Switching offers are for a limited time only and currently you can £170. bag up to,
Changing a bank account is now easier than ever – we also spoke to one person who describes himself as a Serial switcher and £400 . Make In one year from the time the deal changed. ,
All you have to do is open a new account and inform your new bank that you are switching over.
give it your old Bank details and it will do all the legal functions of direct debit and transfer of standing orders.
The whole thing should only take about seven business days using the current account switching service.
And that means you can have some extra cash just in time for your summer vacation.
Be careful though – before signing up it’s important to read the terms and conditions to check that you are eligible for free cash.
Some banks won’t give you money if you’ve been a prior customer, while others require you to pay a certain amount each month to qualify.
Here are the best Switching deals currently available:
HSBC – £170
Where does the biggest payment deal currently come from, according to MSE hsbc,
This will give you £170 of free cash when you sign up for its fee-free HSBC Advance account.
You must set up at least two direct debit or standing orders to qualify and pay for at least £1,500 within 60 days of account opening.
The deal is also not available to those who have an HSBC current account or an account with First Direct since January 2019.
First Direct – £150
little money, but first direct Scores high for customer service – so this could be a good option if you’re looking for more than just money.
When your switch is complete you will get £20 for the first direct first account and £130 for the second.
To qualify, you must have paid at least £1,000 within three months of setting up your account.
You cannot even have an account with First Direct or HSBC since January 2019.
Lloyds Bank – £125 plus perks
This account has a monthly fee of £3 (that’s £36 per year), so you should keep that in mind before making the switch.
This deal gives you some “lifestyle benefits” like movie streaming or magazine downloads, and you’ll get better mortgage and savings rates than other customers.
But you should consider whether the value of the perks offset the monthly cost before you sign up for it.
This deal is available until June 27th, and you’ll need to have at least two direct debits from your account each month.
Even if you have received the Switching Bonus from Lloyd’s since April 2020, you may still not get the money.
Nationwide – £125
nationwideThe deal is unusual because you get more money if you are already a customer.
New customers get £100 free cash when they set up a FlexDirect account.
But if you already have a current account, savings account or mortgage with the building society, you will get £125.
MSE warns that the deal is complicated, so it is advisable to do your homework first.
You’ll need two monthly direct debits to qualify.
What else to consider before making the switch?
It is not just about the money. If you are considering transferring to a bank, you should also consider aspects such as its customer service rating and the savings rates it offers.
And see how far the nearest branch is from you if you need to pop in to do any banking.
Barclays recently announced that it would be shutting down Other 27 Bank Branches this year.
It is not alone – most banking groups want to cut down on the number of branches they keep open as more people use online banking instead.
And keep those terms and conditions in mind. You don’t want to go to the effort switching Only to find out you’re not eligible for free cash.
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