The money expert has shared a number of switch deals currently being offered by some major banks – but you need to act fast.
A finance expert has revealed how to get a free £200 cash before Christmas. Martin Lewis shared a number of switch deals currently being offered by some major banks.
It’s quite common for banks to make these deals every so often in a bid to get new customers. However, it is always important to check the terms and conditions to make sure there aren’t any hidden costs such as subscription fees.
In an update to his website Money Saving Expert, Martin explained: “Free £200 in time for Christmas. One way to help pay for the day is to grab a legal bribe to switch bank.
“A flurry of new deals have just popped out, many that are top rated. Switching is usually easy and hassle-free…
“You must pass a not-too-harsh credit-check and use the banks’ seven-working-day switch service, which closes your old account, moves over your balance, standing orders and Direct Debits for you, and auto-forwards any payments made to it from then on.”
Below are a number of switch deals currently being offered by banks.
Lloyds – free £200
By switching to a Club Lloyds account you can get £200. However, there is a £5 a month fee if you don’t pay £2,000 in each month.
With this account you also get a choice of 12 months of Disney+ or six cinema tickets. You can’t get this deal if you received switch cash from Lloyds, Halifax or Bank of Scotland since April 2020.
First Direct – free £175
You can get a free £175 by switching to First Direct’s 1st Account. This is fee free, but you do need to deposit a total of £1,000 within 45 days.
This also comes with a free £25 Amazon voucher too. You can’t get this if you had a First Direct account before, or opened one with HSBC since January 2018.
NatWest – free £175
NatWest’s Reward Current Account can provide a free £175 for switching. To qualify you must pay in £1,250 total and log into the mobile app within 60 days.
You can’t get this deal if you opened a NatWest current account prior to September 16 and it’s still open as of September 16, or if you’ve ever got switch cash from NatWest, RBS or Ulster Bank.
Co-op Bank – free £100
You can get a free £100 a month by switching to the Co-op Bank Current Account if you pay in £1,000 or more a month. If you continue to pay in £1,000 a month and meet other criteria you can also get an extra £25 a month.
This offer is not available if you’ve had switch cash from Co-op Bank since November 1, 2022.