Martin Lewis: How to get free cash by switching banks
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Martin Lewis, Money Saving Expert, is well-known for offering the latest money related advice, and today proved no different. Appearing on ITV’s This Morning, he spoke about the ability for savers to get “free cash” easily through taking a number of steps with their bank. With interest rates low, many savers are feeling demotivated about the matter.
However, there may be chances for people to be incentivised to save, and they can benefit as a result.
Martin described the options currently on offer to help in this regard.
He said: “Right now, there are a crop of banks willing to bribe new customers to switch to them.
“My suspicions, and most of the time my suspicions are good on these things, is that many of these will not be around for a long time.
“So, unless your bank is making you very happy, why not consider ditching, switching and taking the cash.”
A number of banks are offering this incentive, however, the top cash payer is HSBC.
For those who switch to the bank, Martin explained, a free £125 is up for grabs, but this will be for new customers only.
The offer is available for HSBC’s Advance Account, and it ends on July 26, 2021.
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To qualify, Britons will need to pay in £1,750 per month or £10,500 over six months, and be approved for an arranged overdraft of £1,000.
Savers are also required to use the Current Account Switch Service, designed to be “simple, reliable and stress-free”, HSBC states.
But another option which is also available is through HSBC’s sister bank First Direct, which is currently offering £100 to new switchers.
Martin continued: “It also has a £50 zero percent overdraft for most people.
“And in customer service polls, it is always top or near top with the vast majority of its customers saying the service is great.
“If you’re looking for good service and the cash, that is the sweet spot.”
There is a final “free cash” option which is available to Britons, however, this may cater better to those who aren’t a fan of extra money and want a different incentive.
Virgin Money, Martin explained, is offering new switchers £150 of experience vouchers to spend with Virgin Experience Days.
The gift card will offer a chance for individuals to book flying lessons, track days, spas and a whole range of other days out.
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And there is also an interest rate incentive which is worth bearing in mind for those enticed by this offer.
Martin concluded: “It also offers two percent interest on a small amount, but that is a decent rate.
“And it has one of the best cards for spending on overseas.”
First Direct and Virgin Money do not require any money to be paid each month, although the providers do urge an initial payment when first opening accounts.
All the accounts Martin referenced are also protected by the Financial Services Compensation Scheme (FSCS).
This means that should the worst happen, all deposits up to £85,000 are kept secure.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip
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