Martin Lewis has shared five switches people can make to get up to £170 cash for free.
With the cost of living soaring and millions of us feeling the squeeze, many of us are looking after the pounds. And now, Money Saving Expert founder Mr Lewis has updated his advice, and listed five ways you can get a bonus by switching banks.
Banks often offer cash incentives to get customers to make the switch, and a number are currently offering up to £170.
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Transferring your current account to HSBC could see you get £170 within 30 days, but you do need to meet a certain criteria in order to sign up. Those who switch to the HSBC Advance Account will get the bonus as long as you've not had an HSBC current account, or opened one with First Direct, since January 2019.
MSE also says you must be switching from a current account that's not with HSBC or First Direct. To get the bonus, open the account and switch within 30 days.
This includes moving two direct debits or standing orders to the account, and you must pay in £1,500+ within the first sixty days.
Similarly, First Direct's 1st Account is offering those who make the switch £150 for free. Many customers also get a £250 0% overdraft.
The account is also linked to a regular saver which pays 3.5% interest on up to £300 a month. To get the bonus, similarly to above, you can't have had a First Direct account before - or opened a current account with HSBC since January 2019 - and you must be switching from a current account that's not with First Direct or HSBC.
Once you've opened the account, you need to make the switch from another current account within three months and pay in at least £1000. The £150 is then paid within 28 days.
Those who switch their current account to Lloyds Bank's Club Lloyds account could get their hands on £125 as well as free cinema tickets, movie rentals, money off restaurant bills, or an annual magazine subscription - but you'll have to be quick.
This offer only runs until Monday, June 27. You can't have had a switch bonus from Lloyds since April 2020 and you must be switching from a non-Lloyds current account. Once the switch is complete, the bonus will be paid within three working days.
The minimum to be paid in each month, however, is £1,500 and if you don't reach this, you'll be charged £3 per month.
Nationwide's FlexDirect account is offering switchers £125, as well as a fixed 2% interest on up to £1,500. Many also get a 0% overdraft. There is also no minimum pay-in amount each month.
MSE says: "You can't have had this switch bonus before and you must be switching from a non-Nationwide current account. If you've an existing account, it can't be in debt collection or frozen."
Finally, Virgin Money's M Plus account is offering switchers 20,000 Virgin Red points to spend on a variety of experiences, gifts or flights.
MSE says, as an example, "a 12-bottle case of wine is 19,000 points (please be Drinkaware), afternoon tea for two is 6,250 and two tickets to a comedy night are 4,000. It's also a good account for travel as there are no fees on overseas spending or ATM withdrawals."
In order to be eligible for the bonus, you need to pay in £1000+ within 45 days, use the mobile app and have two direct debits. To find out more about all of the above offers, and to take advantage of them, visit the Money Saving Expert article here.
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