Martin Lewis reveals how to get up to £175 free cash as three more banks drop offers in new war for customers
MARTIN Lewis has revealed how you can get up to £175 free cash after three more banks dropped offers to entice new customers.
The founder of MoneySavingExpert.com (MSE) explained how you can get the free cash boost by simply switching your current account.
TSB is the latest bank to offer a new switcher deal which is worth up to £160.
Meanwhile, Santander, Lloyds Bank and First Direct are both offering £175 to welcome new customers through the door.
Martin Lewis‘ MSE wrote in this week’s email: “Now four banks pay you up to a FREE £175 to switch.
“Our top pick is still Santander Edge’s free £175 and 7% savings and bills cashback deal.”
The offer is available on moves to a Santander edge current account, Santander edge up current account or private current account.
Existing Santander customers moving to one of these accounts can also take advantage unless you have previously pocketed a previous Santander switch offer.
To qualify, you’ll need to pay in £1,500 to the account within 60 days of requesting the switch – though this doesn’t need to be in one payment.
You’re also required to set up two active direct debits within 60 days.
The payment is made within 90 days of the start of switching process to those who qualify.
You can switch through the Santander website or in branch.
The edge account has a £3 monthly fee while the edge up and provate account both have a £5 monthly charge.
The MSE team added that it always worth reading through the eligibility info and how they compare before move to a different bank.
Switching bank accounts is a doddle thanks to the Current Account Switch Service (CASS) which does the majority of the hard work for you.
Customers just pick their switch date and any active direct debits are moved to their new account as part of the service.
Bank switching deals are usually only around for a limited period of time so move quickly if you want to take up one of the offers.
Below, we’ve listed the three other bank accounts you can switch to now to get up to £175 in free cash and explain what you need to do to qualify for each.
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.
TSB
New customers switching to TSB can get up to £100 upfront. Then, for the first six months after, will receive £10 a month in cashback.
The offer is available on spend & save or spend & save plus accounts.
However, there are few hoops you will need to jump through first.
To get the £100, you’ll need to make at least five payments using a debit card or contactless by July 5. You’ll also need to log into the TSB mobile banking app at least once.
New customers who meet these requirements will also be offered a reward to choose from in December, including two Odeon cinema tickets.
And to get the £10 cashback you’ll need to make 20 debit card payment each month.
There are individual requirements and features of both accounts, for example, the spend & save plus account comes with a £3 monthly fee.
Work out whether the account is suited to your circumstances as you will need to have the account for at least six months to the get the full reward.
You can apply for the accounts through tsb.co.uk or the TSB mobile banking app.
FIRST DIRECT
You can also pocket a tasty £175 as a new customer to First Direct’s 1st account.
The account also has a £250 interest-free overdraft which can be helpful if you need to borrow money in an emergency.
To get the £175, you’ll need to switch account using CASS and log on to First Direct’s digital banking within 30 days of opening the account.
The offer is only available to people who haven’t previously held a First Direct product. It’s also not open to anyone who has opened a HSBC current account since January 1 2018 which is part of the same group.
LLOYDS BANK
From May 28, Lloyds is offering new customers £175 plus other perks to anyone who switches to one of three current accounts from a different bank.
As well as the cash customers can get a 12-month Disney+ subscription, plus access to a linked saver paying 6.25%.
However, the Lloyds’ offer is only available to customers who switch to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum current account.
These accounts come with a £3 monthly fee unless £2,000 is deposited each month.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
