Martin Lewis has revealed how people can get up to £200 by making a simple change.
The Money Saving Expert explained in his latest newsletter how people could claim some free cash by switching their bank account. The consumer champion shared that now is an ideal time to switch as many banks are offering incentives to new customers.
He said: “If you’re unhappy with your bank, switching to a new one is quick and easy these days – and now’s a great time to do it as banks are currently offering up to £200 free cash for your custom.”
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Natwest is offering £200 free cash plus up to £36/ year cashback for new customers. Martin added: “You can’t have had switch cash from NatWest, RBS or Ulster since October 2017.”
TSB is offering £125 paid upfront, £75 later) + £5/month cashback for six months. Martin explained: “You can’t have had a switch bonus from TSB since 1 October 2022.”
First Direct is offering new customers a free £175 and Lloyds Banks is offering a free £150. Martin said bank switching services is hassle free and takes just seven working days.
He added: “The Current Account Switch Service (CASS) process is straightforward and takes just seven working days. Just open a new account with your chosen bank, then request a switch through it – you’ll usually be asked during the application if you want to switch.
“Provided both banks are signed up to CASS (most are), the switching service will close your old account and move your money, direct debits and standing orders across. It’s worth downloading a few years’ statements before switching – just in case you need them in the future.”
You can read the full advice on switching bank accounts here
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