Do you fancy a free £175 in time for Christmas?
CHRISTMAS is a joy for kids, but a pain in the purse. Yet if you’re quick, you may be able to get up to £175 free cash in time for Christmas – or more likely to clear the January bills – and you might get a better bank account thrown in.
This is all about switching bank accounts. Four banks are currently willing to bribe you (legally) to switch. Act now, and you may be able to pocket the money in time for the big day. Switching takes seven working days and three accounts promise to pay the bonus within a month of that.
Overall that’s a maximum of 40 days. So at the very worst the money will be in your account to help with the January squeeze.
TOP ‘FREE CASH’ ACCOUNTS
FOR the full rundown of options and eligibility criteria see moneysavingexpert.com/ bankaccounts, but in brief…
■ FREE £175 + 2.75% regular savings: Switch to hsbc.co.uk Advance account and you can get £175 free cash. It also lets you save up to £250 per month in its linked 2.75% AER fixed regular savings account. Its minimum monthly pay in is a relatively large £1,750 per month (equivalent to £25,900 salary), and you also need to have at least two direct debits/ standing orders switched over.
■ FREE £100 M&S gift card without paying anything in, plus possible £80 gift card: Switch to bank.marksand spencer.com and you get a £100 M&S gift card even if you don’t pay anything in, though you do need to switch a minimum of four direct debits.
Plus if you can pay in £1,250/ mth (equal to £17,000pa salary), keep at least four direct debits active, and register for online banking and statements, you can earn an additional £80 gift card in 12 months time (perfect for next Christmas).
You can also save up to £250 a month in its 2.75% AER fixed regular savings. Its customer service rating is good, at 68%.
■ FREE £50 but also top service: Switch to firstdirect. com and pay in £1,000 within three months and you’ll get a £50 cash bonus. Though it’s the smallest cash amount, if you want a bank with top service 85% rated it great in my last poll. You’ll also get a £250 0% overdraft, and can open a linked 2.75% AER regular saver.
HOW TO SWITCH
TO GET the free cash you must: ■ Pass a not so harsh credit check
■ Use the banks’ official switching services
■ For some accounts pay in a minimum monthly amount – don’t worry, that’s just to get you to pay in your salary. TIP: if you don’t meet the minimum pay in, you can always withdraw some cash and pay it in again the next day to make it up to the total.
In seven working days your new bank moves all your money across, and any payments in and out moves from your old bank to the new one. Your old account then closes. You also get added protection where payments made to your old bank are auto-forwarded for at least three years. If you’re overdrawn don’t assume you can’t switch; you can, but you may not get the same overdraft limit.
For full overdraft help see mse.me/overdrafts.