Martin Lewis reveals way bank customers can make £150
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On The Martin Lewis Money Show this evening, the money saving expert shared with viewers a way that they can make an extra bit of cash. He said: “It’s about more banks willing to pay newbies to switch to them.
“First Direct was giving £130, but they are now giving £150.
“They have a zero percent overdraft up to £250.
“RBS rewards also pay £150. With that you pay a £2 per month fee but as long as you fulfil its eligibility criteria you can pay £1,250 a month into it, you move your direct debits into it and you use their app, they pay you back £5 a month which is a £36 a year gain on top of the £150.
“This is exactly the same for their sister bank NatWest.”
Many can also get a £250 zero percent overdraft too.
This is the money saving expert’s “top pick” because of First Direct’s “standout service”.
People can get the bonus if they have never had any First Direct account before or opened a current account with its sister bank HSBC since January 2019.
The NatWest Reward and RBS Reward accounts give switchers £150 upfront, plus £3 a month.
It’s £5 a month but with a £2 a month fee every month they use the mobile app and pay out two £2+ direct debits.
Or, if people just want the £150, they can switch to the fee-free NatWest Select or RBS Select. With all of these accounts people can open a linked three percent regular savings account, where they can save up to £50 a month.
Mr Lewis also mentioned the Santander 123 Lite account which also offers money incentives.
New and existing customers who switch to the Santander 123 Lite account get £140 free cash, plus one to three percent cashback on most bills for a £2 a month fee.
People get three percent back on water, two percent on energy and one percent on Santander mortgages, council tax, mobile, home phone, broadband and paid-for TV, provided people pay by direct debit and use digital banking.
Cashback is capped at £5 a month in each tier (so max £15 a month). Alternatively, if people just want the £140, they can switch to the fee-free Everyday current account.
This bonus must be someone’s first switch bonus from Santander, and they can’t switch an account from Santander, Cahoot or Cater Allen.
Newbies switching to the Virgin Money M Plus* account get a £100 experience day voucher, plus 5.02 percent interest on up to £1,000 for a year.
That’s worth up to £50 if they save the full £1,000 for 12 months – paid in June 2023 – and is boosted from the usual 2.02 percent monthly interest in the first year.
Plus, there are no fees on overseas spending or ATM withdrawals.
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