BANK ON IT
Martin Lewis reveals how to get FREE £175 by making quick switch – check if you can benefit
It isn't the only perk
MARTIN Lewis has shared how to get a free £175 by a simple bank switch.
Customers can earn the bonus by switching a current account to UK bank First Direct's 1 Account.
1
The bank has recently launched an offer to tempt in new customers - the account also includes a £250 0% overdraft and a 7% linked savings account.
Mr Lewis highlighted the deal in his popular weekly newsletter from MoneySavingExpert.
The Sun first wrote about the First Direct deal earlier this week.
He flagged that the perk of the account is the 0% £250 overdraft, which is good for people who dip into their overdraft regularly.
Read more Money News
One of these is the lack of foreign exchange fees when spending abroad, as well as fee-free ATM withdrawal (though the ATM itself may charge).
The 7% linked savings account is for deposits of up to £300 per month.
As always, if you're planning to switch accounts you need to watch out for the catches and do your research to make sure the perks are for you.
If you decided to go through with the switch, then transferring direct debits and standing payments and closing your account is done automatically.
Most read in Money
But switchers will need at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.
They will also need to add at least £1,000 to the account each month, register and log on to internet banking, and use the debit card at least five times within 30 days of opening the account.
Customers who follow these steps can expect the bonus to be paid to them on the 20th of the following month.
What is the Bank of England base rate and how does it affect me?
On the same web page for September money saving hacks, Lewis also shared discounts on phone bills and Eurostar tickets, as well as tips on how to get cheap medical insurance.
Which other banks are offering switching bonuses?
Two other banks are currently offering switching bonuses, although not everyone in the UK can access them.
Danske Bank is offering £200 to switchers moving to one of three accounts including its Danske Reward and Danske Choice accounts.
The Reward card comes with a £2 monthly fee whereas the Choice card is fee-free.
To get the £200 bonus, you have to switch in using the CASS, then pay £1,000 or more in the first 60 days.
The money is then paid within 10 working days.
But, crucially, you only qualify for the switching incentive if you live in Northern Ireland.
You also can't have held a Danske Bank current account before or have received a switching offer from the bank since January 1, 2023.
You can also switch to a Virgin Money M Plus account which pays out 12.68% AER interest on up to £1,000 a year.
The account itself offers 2% gross interest but switchers get an extra 10% added on top, worth just over £125 if you keep the £1,000 in the account for a full year.
You can get the bonus by opening an M, M Plus or Club M account by May 31, and switching in from a different bank, including two direct debits, by June 26.
READ MORE SUN STORIES
The bonus will then be paid between July 1, 2024, and June 30, 2025.
Switching deals are constantly coming on and off the market, so keep an eye out for new offers if you're thinking about changing banks.
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.
Topics