Martin Lewis has shared a nifty and very quick way for couples to earn some free cash. There are currently three banks offering up to £200 to new customers who leave their old bank and move their financial services, including Direct Debits to them.
Writing in the latest edition of the MoneySavingExpert.com (MSE.com) newsletter, the consumer champion, said: “If you're unhappy with your bank, switching to a new one is quick and easy these days - and now's a great time to do it as banks are currently offering up to £200 free cash for your custom.”
A recent Twitter poll by the consumer champion found that 55 per cent of couples over-60 are happy keeping their money in a joint account while 70 per cent of younger couples said separate accounts are best, especially “if you've different money personalities - such as a saver with a spender”.
The award-winning financial journalist has created a full guide to each of the switch offers available right now on MSE.com, but we’ve picked out the highlights that might tempt you.
The key thing to remember about switching is that you must use the Current Account Switch Service (Cass). The Cass service ensures payments and all money coming in and going out is protected from any digital mishaps.
NatWest and RBS - free £200
Martin explained that there is a £2 monthly account fee , but “as long as you log in to the relevant mobile app each month, and have a minimum of two direct debits of £2+/mth, you get £5 cashback, so you're £3/mth up. The min monthly pay-in is £1,250 - it's a way of making you pay your income in, but you can always take it out the next day.”
First Direct - free £175
Frequently praised by MSE.com for its top-rated customer service in online satisfaction polls, people switching to First Direct might also qualify for a £250 overdraft with 0% interest and a 7% regular savings account.
The account has a 90% 'great' service rating.
Halifax Reward - free £175
The account is fee-free as long as you meet the minimum £1,500 monthly pay-in. If not you pay £3 each month in account fees.
Martin explained: “To get further perks there are a couple of hurdles to jump, but if you do, they're decent.
“You must stay in credit and either spend £500/mth on its debit card, or keep £5,000+ in its NO interest account. Then each month you get £5 or a Vue ticket or two film rentals or three digital mags (your choice is fixed for the year).”
How couples can get £400 for switching
Martin also shared his top switching tips for couples which includes a simple way to double the switching bonus.
He said if you only have one account between you, then create another one before switching.
“To double the switch bonus, one of you can first apply for another account at your existing bank, then once it's up and running, shift that as well as the joint account. Just ensure you meet the terms after.”
You can read the Martin Lewis top tips for switchers on MSE.com here.
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