Key Highlights
- Bank customers urged to switch accounts for cash bonuses before Christmas.
- Martin Lewis highlights seven banks offering free money through account switching deals.
- Switching can earn up to £400, with some conditions.
- Lloyds Bank is not currently offering switching bonuses.
The Largest Ever Bank Account Switch Offers Free Cash
Bank customers across the UK are being urged by financial expert Martin Lewis to switch their accounts in a bid to secure up to £1,525 of free cash. The initiative is part of a series of bank switching deals that have become increasingly popular among savers.
Martin Lewis’s Call to Action
During his appearance on The Martin Lewis Money Show Live, Lewis emphasized the importance of moving accounts for financial gains, particularly as Christmas approaches. “There are seven accounts currently willing to pay new switchers money to switch to it,” he stated.
Free Cash Deals from Major Banks
The largest free cash deal on offer is £400, but this bonus is limited to high earners who earn over £75,000 or have £100,000 with Barclays on their Premier account. Other banks are also providing smaller bonuses:
- Santander offers a free £200 before Christmas.
- NatWest and Nationwide both offer a free £175 by December 6th and Boxing Day, respectively.
- NatWest’s new switch deal provides an additional reward of £120 with 4% interest on savings.
Limited Offers for Certain Banks
It’s worth noting that not all banks are offering these bonuses. For instance, Lloyds Bank is currently not providing switching bonuses. Additionally, there are restrictions in place to prevent customers from benefiting from multiple offers within the same bank family. For example, Halifax or Bank of Scotland customers cannot get paid a bonus by Club Lloyds (owned by the same company), and HSBC customers can’t benefit from First Direct’s offer as they too share the same parent company.
Why Switch?
The process is simple: use the seven-working day automatic bank switching service to move your account. While it typically takes 10 days in practice, this method ensures that all direct debits and standing orders are seamlessly transferred over. According to Lewis, there’s no catch, though some banks require you to pay a certain amount per month or set up specific Direct Debits to qualify for their deals.
Further Details
Lewis also mentioned that viewers could potentially earn well over £1,000 from bank switching because there is no limit on how many times you can do it. He advised that First of all, users must use the seven-working day Switch Service, which in practice takes 10 days due to processing times.
For those interested, The Martin Lewis Money Show Live, originally broadcast on November 18, is still available for viewing via ITVX. This special episode was dedicated to helping viewers secure the largest ever deal of free cash from seven banks.
The advice given by Martin Lewis highlights a significant opportunity for bank customers to maximize their savings and earnings through strategic account switching before Christmas.
