LAST CHANCE
Martin Lewis’ MSE reveals anyone can get free £175 and Apple TV+ subscription if they switch to major bank by TODAY
There's even a special account for those with a big nest egg
MARTIN Lewis' Money Saving Expert has revealed anyone can get £175 for free and an Apple TV+ subscription if they switch banks.
Bank switching offers are used to try to poach customers from rivals.
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The latest offer, by Barclays, gives new customers a £175 welcome bonus as well as other extras such as Apple TV and cashback with several retailers.
To get the reward, you need to use the Barclays app to switch to the bank by the end of today (August 30), MSE has warned.
The offer is for new customers who haven't had an account since July 8 and who have never received a Barclays switch bonus.
To switch to Barclays and get the bonus, you need to download the app and open a Barclays Bank Account or Premier Current Account between July 8 and August 30.
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If you open a Barclays Bank Account, you will also need to sign up for Blue Rewards in the Barclays app, which comes with a £5 monthly fee.
These rewards include Apple TV+ and MLS Season Pass subscriptions.
Customers can earn up to 15% cashback with participating retailers and up to 5% interest on their savings with a Rainy Day Saver.
You will then need to use the Current Account Switch Service to move your account from another bank to Barclays.
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One of the conditions of the offer is that the switch must include at least two active direct debits and start by August 30.
You also need to pay at least £800 into your new Barclays account by August 30 to be eligible for the free cash.
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Those who already have a Barclays current account open are not eligible for the offer.
Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs.
Money Saving Expert writes about switching banks: "Banks sometimes offer bonuses to new customers who switch in an existing current account to a new current account with them.
"Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.
"Rewards most commonly come in the form of free cash, though you may also be offered boosted rates on linked savings accounts or perks, such as free cinema tickets."
Are other banks offering switching bonuses?
TSB
New customers switching to TSB's Spend & Save, or Spend & Save Plus current account can get up to £190 in free cash within a year.
Switchers receive £100 in upfront money just for making the switch.
They can also receive up between £5 and £15 cashback each month for the first six months.
You must make at least 20 debit card payments to earn monthly cashback.
You can apply for the switch on TSB's website, in branch or via the bank's app.
You must also set up at least two direct debits, use the card at least once and log into the TSB mobile app by September 27.
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Once you have done this, TSB will pay £125 into the new account between October 15 and October 25.
Bear in mind that the TSB Spend & Save card doesn't have a monthly fee, but the Spend & Save Plus account will charge you £3 a month.
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.
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