CASH BOOST
Martin Lewis’ MSE issues urgent warning to claim £175 free cash before it disappears in days
We reveal how to switch bank accounts
MARTIN Lewis’ MoneySavingExpert has warned people have just a few days left to claim £175 free cash.
First Direct’s £175 switching offer is ending at the start of next week.
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The deal started on March 26 and new customers will have until April 22 to take advantage of the tempting offer.
Martin Lewis’ MSE added just a few weeks ago up to five banks had switching offers on the table hoping to entice new customers.
In this week's newsletter, Martin Lewis' MSE team said that just a few weeks ago up to five banks had switching offers, but now First Direct is the last one remaining.
The First account comes with a £250 interest-free overdraft.
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Account holders will get fee-free overseas transactions and ATM withdrawals which may come in handy ahead of the holiday season.
Customers who open a regular savings account will also benefit from access to a 7% interest rate.
There are quite a few caveats though, one being you will need to deposit £1,000 into the account within a month of opening it.
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In order to be able to receive the £175 switching offer, you'll need to meet the below criteria:
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- Open a first direct account on or after March 26 and before the offer closes on April 22 or is withdrawn
- Go through a full CASS switch process to transfer their everyday banking, including switching at least two direct debit or standing orders within 30 days of opening the account (this must be from a provider that participates in CASS)
- Deposit a minimum of £1,000 into their account within 30 days of the account opening
- Registering and logging onto digital banking, within 30 days of the account opening
- Be a new customer of first direct, who has not previously held a first direct product or opened a HSBC current account on or after January 1, 2018
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.
Things to look out for when switching your current account
Throughout the year most banks tend to offer some kind of incentive to get customers to switch to them.
The thought of earning some free cash may be tempting but you should make sure that the account you are switching to suits you in the long term.
Some accounts come with fees, and others need a set amount of money to be paid in over a certain period of time, so bear that in mind.
While it can be profitable, switching your bank can impact your credit rating in the short term.
What other bank switching deals are available?
This is the only UK bank switching deal currently available right now.
TSB was giving bankers up to £185 in the first six months by switching to a TSB Spend and Save or Spend and Save Plus account.
Lloyds also has a £175 switching cash bonus if you switched to one of its three Club Lloyds accounts, though this offer has now ended.
Natwest was giving customers who switched £200 free cash as part of its switching bonus but this deal has also expired.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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