With the cost of living on the rise, we could all do with some extra cash in our pockets - and you could get over £200 completely free by switching banks.
Martin Lewis' MoneySavingExpert team highlighted some of the best deals being offered by banks, with four currently "fighting it out" for new customers with cash offers. The experts have now made fresh calls for people to make the switch to take advantage of the promotions as competition heats up, drawing attention to four major banks currently offering the biggest cash amounts to new account holders.
A recent Twitter poll carried out by Martin found that 60% of people hadn't switched banks, despite 85% of people who had saying it was an "easy and hassle-free" process. To take advantage of the cash offers, you can use the new bank's switch service which will automatically move all of your direct debits and standing orders, close your old account and forward any payments made within seven working days, the money expert advised in his latest MSE email.
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In order to switch and get the cash offers, you must usually be a new customer, be switching from a different banking group, and pass a credit check. The MoneySavingExpert team highlighted four banks that pay out the biggest amounts for switching right now: First Direct, Natwest, Lloyds and HSBC.
First Direct - £175 cash + £30 Amazon voucher
The First Direct's 1st Account gives the highest upfront amount for switchers, with £175 in free cash, plus the option to claim a £30 Amazon voucher. To be eligible, you will need to pay in a total of £1,000 or more within three months - the £175 is then paid within 28 days.
NatWest and RBS - £200 cash
The Reward accounts at these sister banks are top options for cash, as switchers can get £200 on top of the equivalent of £3 monthly cashback. You will need to pay in a total of £1,250 and log into the banking app within 60 days to get your £200, and the cash will be paid to you within seven days.
Lloyds - £150 cash
While Club Lloyds pays out less free cash when you switch, there are also some additional perks that come with getting an account - the biggest is a year-long subscription to Disney+ worth £80. Alternatively, customers can choose from six free cinema tickets, a magazine subscription, or a Coffee Club & Gourmet Society Membership. To be eligible for all of this, you will need to pay in at least £2,000 a month, or there's a £3 monthly fee.
HSBC - £200 cash
And finally, the HSBC Advance account will pay out £200 cash within 20 days, if you meet the eligibility criteria by switching two or more direct debits or standing orders within 30 days, then pay in a total of £1,500 within 60 days. The account is fee-free with no minimum monthly pay-in required.
The MSE team also suggest that you could make even more money with multiple switches, as long as you're not planning any immediate credit applications. "Just move an existing current account to a bank that pays you to switch, wait until you receive the freebie, then move it again to another bank that pays," the website advised.
"Or to get really advanced, open a 'burner' account you just use for switching," the team added. They also shared the experience of one fan who had got in touch to share his success, saying that he had managed to net £1,050 within five months through bank switching.
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