MARTIN Lewis is urging families to take advantage of bank switch offers worth £125 if you need help with cash for Christmas.
The MoneySavingExpert founder explained how HSBC will offer you the cash incentive within 30 days of moving account.
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Lloyds, meanwhile, promises to give customers £100 in ten days when they switch accounts. This offer expires on November 9.
Martin explained how bank bribes work, and how to switch with the Current Account Switch Service – in his weekly newsletter.
He said: “The switching process, via banks’ dedicated switching services, is very easy these days.
“It only takes seven working days and the banks do it all – switching your direct debit and standing orders over, closing your old account, and making sure any payments are forwarded.”
Why should I switch bank accounts?
NOT sure what switching could do for you? Here’s what you need to know:
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Use the Current Account Switch Service. In order to qualify for switch gifts, it’s likely you’ll need to use the Current Account Switch Service. This is free to do and does most of the work for you, including closing your old bank account.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
- Keep an eye on fees. Does your new bank charge a monthly fee for using it? Or is it more expensive than your current lender when it comes to using an unarranged overdraft?
Alternatively, if you don’t need the money for Christmas, NatWest is also offering £125 to customers who move their main account by November 19 – but they promise to pay by February 12, 2021.
RBS also has a cash incentive of £100 for switching by December 30, although you may not get your money until January 29, 2021.
Before you ditch and switch, you’ll need to check you meet the terms and conditions for the new account you want to move to.
You’ll also want to take make sure that you’re switching to the right account for you – it isn’t worth switching just for a cash incentive.
To get the £125 from HSBC, you’ll need to apply for the bank’s Advance account or Premier account.
Advance comes with a hefty minimum monthly pay-in of £1,750, or a minimum of £10,500 every six months. You also need to switch two direct debits or standing orders to get it.
While for the Premier account, you’ll need to have a minimum salary of £75,000, plus a HSBC mortgage, investment, life insurance or a protection product.
HSBC hasn’t said if this deal has an end date, but it could pull the offer at any time.
Alternatively, to get £100 from Lloyds, you need to switch to its Club Lloyds account – but you need to pay in a minimum of £1,500 a month.
You also won’t be eligible for the offer if you’ve received an incentive for switching to a Lloyds account since April 2018.
For NatWest, you must switch to its NatWest Select or Rewards account.
Customers must pay in at least £1,500 to the account and log into online or mobile banking through the NatWest mobile app before January 15, 2021.
New and existing customers can apply but you must be 18 or over and you can’t have received a cash switching offer from the Royal Bank of Scotland (RBS) Group, which NatWest is part of, since October 2017.
The Select account is free to use, but the Rewards account charges a monthly fee starting from £2.
For RBS, you get £100 when you switch to its RBS Rewards account. For this one, you need to pay in a minimum of £1,250 a month.
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In other Martin Lewis news, the MoneySavingExpert founder branded the Green Homes voucher scheme “a flop” as only one in six homes have been able to find installers.
He also recently weighed in on whether it’s cheaper to leave the heating on all day or switch it on when needed.
Last month, Martin warned furloughed workers to check their payslips in case they had been underpaid.
Martin Lewis settles argument about whether shops are allowed to refuse cash
