A MARTIN Lewis fan has shared how they made £375 for free thanks to a clever tip.
Martin Lewis explained how customers can get free cash by switching bank accounts
Martin Lewis fan Andy tweeted: “Hi Martin. Wife and I both swapped our bank accounts. Now £375 up. Thanks.”
Andy followed Martin Lewis’ advice to switch bank accounts to take advantage of switching incentives.
And some can get up to £200 in free cash just by switching.
Banks offer free cash to entice new customers on to their books.
And it’s a simple way to give yourself a free financial boost during the cost of living crisis.
On top of free cash banks also offer new customers vouchers, cashback and exclusive savings rates.
For example, Nationwide is offering new switchers £200 in free cash and no account fees.
New customers need to switch from a non-Nationwide current account to a FlexDirect account and make sure they have two active direct debits set up to get the free cash.
The cash will then be paid into the new account within 10 days.
Nationwide FlexDirect customers will also get 5% interest for a year on balances up to £1,500 and some may even qualify for a 12-month interest-free overdraft.
To qualify for the interest rate perk, customers will need to pay £1,000 into their FlexDirect account every month.
New customers who switch to the HSBC Advance account also get £200 in free cash.
To get the free cash, customers will need to set up two direct debits or standing orders and make a one-time deposit of £1,500 into their new account in the first 60 days.
Customers can then expect to receive the £200 free cash within 20 days.
New First Direct 1st Account customers can get £175 for free when they switch account.
Customers will need to switch to a 1st Account and pay in £1,000 or more to guarantee that the £175 is paid within 28 days.
Those that switch to a TSB Spend and Save account can get up to £100 in free cash by doing so.
Newbies will need to open a new account by Friday, December 16 and then by January 13 complete a switch, spend using their new debit card, log onto their mobile banking and set up two direct debits.
Customers will then receive £50 by February 10, 2023.
To get another £50 in free cash customers will need to use their debit card at least five times, pay in £500 and have two or more direct debits set up between February 1 and July 31, 2023.
The extra £50 will then be paid by August 31 2023.
How do I switch bank account?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
How to find the best bank accounts
With your current account in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.
Research websites like MoneyFacts.co.uk and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will help save you time and show you the best switching incentives available.
These sites let you tailor your searches to an account type that suits you.