Martin Lewis has revealed the best bank accounts to switch to if you want to bag some extra cash this Christmas. The founder of Money Saving Expert set out his advice in the latest newsletter on Wednesday.
The 50-year-old wrote: "We're in a sweet spot for banking deals, with new switchers being able to grab £200 - the most seen since 2017 - in time to help cover the post-Christmas bills. Plus in the last couple of weeks, deals have improved with substantially boosted interest on linked savings.
"If you've got the money saved to max out on all the available offers, you can earn over £500 for the first year. So unless your current bank makes you smile, why not ditch, switch and earn? Switching is mostly easy and hassle-free according to 81% of people in the last Twitter poll I did on it."
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HSBC Advance
If you switch to this account, you will be eligible for £200 free cash as well as two "decent" savings accounts, according to MSE.
There is no minimum monthly pay-in to keep the account, but you are required to deposit £1,500 or more once to get the bonus. Included is an easy-access account -which pays 3% on up to £10,000 in months you don't withdraw from it - plus a 5% regular saver where you can save up to £250 each.
You can have the bonus if you have not had an HSBC current account, or opened one with its sister bank First Direct, since January 2019.
First Direct 1st Account
New customers who switch to this account can get a free £175 and £20 just for opening it, according to MSE. It's also a regular saver and pays 7% interest. An ongoing £250 0% overdraft is also available.
MSE states: "If you're after a bank with cracking service, 88% rated First Direct 'great' in our last poll – the best rating for a bank with a decent switcher offer."
If you want this bonus, you can't have ever had any account with First Direct (such as a current account, credit card, loan or mortgage). You also can't have opened a current account with sister bank HSBC since January 2019.
Halifax Reward
New switchers to the Halifax Reward account get £175, plus monthly rewards, according to MSE. You can choose between £5 cash, a Vue cinema ticket, two Rakuten TV movie rentals, or three digital magazines (such as Cosmopolitan or Men's Health).
To gain the benefits you need to pay in £1,500 or more each month month, and spend £500 or more each month or keep £5,000 or more in the account – you must choose which of these you'll do in advance and your choice is fixed for a year.
To be eligible for the bonus, you can't have had a switch bonus from Halifax since April 2020.
TSB Spend & Save
You can get a free £100 with this account. You'll be awarded £50 upfront when you make the change, and you can gain a further £50 in August 2023 if you "jump through some hoops", MSE states.
When you open a new TSB Spend & Save account and you can gain the free cash by switching and then actively using the account between February and August 2023. You can also earn £5 per month cashback for the first six months, if you use the debit card 30 or more times a month.
To bag the bonus, you can't have had a switch bonus from TSB since 1 Oct 2022 and you must be switching from a non-TSB current account. You can check out MSE's full advice by following this link.
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