MONEY-SAVING expert Martin Lewis has revealed how to get £200 cash in just minutes “hassle-free”.
The consumer champion told viewers on the latest episode of his ITV Money Show how they can get the money through bank switching.
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Banks and building societies regularly run incentives if you move your current account across to them – and it usually only takes minutes to get started.
Addressing the crowd on Tuesday’s show, Lewis revealed how two banks, NatWest and Lloyds, are offering up to £200 for switchers.
He said: “Switching is usually easy and usually hassle-free. You do it via the seven working day switch service.”
The money expert went on to reveal the details of both of the bank switching offers, with NatWest offering monthly cashback for customers on top of a £200 free cash bonus.
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Meanwhile, Lloyds is offering switchers £175 in free money plus a one-year subscription to Disney+ worth £60.
To get the £200 bonus from NatWest, switchers have to pay £1,250 into their new current account and log into the mobile app within 60 days of switching accounts.
The £1,250 deposit can be made up of multiple credits and must stay in the account for at least 24 hours.
Once you’ve done this, the bank will pay £200 into your account within seven days.
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Customers can also make a net profit of £3 each month on cashback if they sign up to a Rewards current account.
You won’t be able to make the switch to NatWest if you’ve previously had an incentive from the NatWest Group since January 1, 2020.
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Meanwhile, Lloyds is offering £175 in free cash to customers switching to one of its Club Lloyds accounts.
Switchers have to open a qualifying account and then transfer a minimum of two direct debits across.
The money will then be issued to your account within three days of the switch completing.
Customers can choose from any one of three accounts: Club Lloyds, Club Lloyds Silver and Club Lloyds Platinum.
There is a minimum monthly £3 fee to hold a Club Lloyds account but this is waived each month if you pay more than £2,000 in.
How to switch bank accounts
Switching bank accounts, in most cases, can be done via the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies is on CASS’ website.
All you have to do is apply for your desired new current account and the new bank will tell your existing one you’re making the switch.
Any direct debits are moved across for you, but there are a few things you can do before applying.
This includes choosing the date you switch and transferring any old bank statements to your new account.
You can get these from your existing bank.
Whenever switching banks, be sure to check what other perks come with the current account.
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One bank might be offering a more competitive savings account rate, or an interest-free overdraft facility.
Others offer additional perks, like access to a TV or magazine subscription or discounts at certain retailers.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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