November 15th 2023.
Martin Lewis had an amazing Christmas present for Britons this year – an easy and free £200. In a special Christmas edition of The Martin Lewis Money Show Live last night, the financial guru informed viewers on how to get the sum.
Basically, all they have to do is pack their bags and move to another bank. Lewis highlighted that there are multiple high street banks offering this reward for switching to them, and the process is fairly simple. All you need to do is use the free Current Account Switch Service and the process should take around seven days.
When asked which bank to switch to, Lewis said that many high street banks are offering this reward. He suggested to check each bank or building society's eligibility criteria and any sneaky stipulations on its website. He then gave examples of who is offering this reward.
Nationwide is offering £200 within 10 days, with the earliest payout by December 4. The bank is offering the sum when you move to its FlexDirect, FlexAccount or FlexPlus accounts. FlexDirect is a linked 8% regular savings account and some will get a 0% overdraft for 12 months.
First Direct is offering £175 paid out within 28 days, with the earliest payout by December 22. To get the sum, you must deposit £1,000 into the account once within the first three months and then wait 28 days. The deal has a 7% linked savings account and an ongoing 0% overdraft of £250. However, you can only get in on the deal if you’ve never had an account with First Direct and also not one with its sister bank, HSBC, since 2020.
Barclays is offering £175 paid out in January, with the earliest payout by January 5. To get the sum, you have to deposit £900 monthly pay-in and sign up to Barclays’ Blue Rewards Scheme via the app. Two direct debits are also needed and digital banking is a must.
Lewis added that when you switch banks, your direct debits and standing orders will be automatically moved and your old bank account will be closed. The money should arrive around Christmas or January at the latest, depending on which bank you switch to.
Lewis also mentioned that a recent poll he did on MoneySavingExpert.com users found that 84% said it was ‘easy’ and ‘hassle-free’. So don't worry about any complexities and take advantage of this great offer!
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