Martin Lewis has issued a warning to anyone thinking of switching their bank account to take advantage of an introductory offer. Many high street banks are offering sweetener deals to encourage people to change to them - with as much as £200 in cash available in some cases.
However, while the Money Saving Expert founder advocates people take advantage of these deals, he also warns that it could impact a person’s credit rating. This means that if someone is building up to a big balance transfer - for example, a mortgage - then it’s probably best not to switch in the three months before.
Appearing on Good Morning Britain today (April 19), Mr Lewis was taking questions from viewers - and co-host Susanna Reid read out one. She asked: “Sarah has emailed to say she’s looking at switching her bank account due to the cash incentive offered. But her qualifying bank is the one that she’s had since she was a child and has been opened for more than 18 years.
