Free cash in time for Christmas
SWITCHING BANK ACCOUNTS COULD GIVE YOUR BALANCE A TIMELY BOOST, SAYS MONEY SAVING EXPERT MARTIN LEWIS
THERE are laws against bribery, but luckily they don’t apply to banks custom. wanting to bung you free
money in return for your There’s a banking price war on right now which means you can earn up to £200 for switching account. So take a bribe, and get some extra cash in the kitty before Christmas.
Don’t just do this for the money either. I get more complaints about banks than any other sector apart from energy, yet people loyally stick with the perpetrators for years.
If that’s you, stop bitching and start switching. Many of the accounts that pay have decent service too.
SWITCHING IS EASY, THEY DO IT ALL FOR YOU
TO GET the free cash you’ll be credit scored (it’s not too harsh) and will need to go through the bank’s official switching services which guarantee you’re switched within seven working days.
Your new bank moves direct debits and standing orders for you, and closes your old account.
All payments to your old account are automatically forwarded.
THE TOP CURRENT ACCOUNT GIVE-AWAYS
THESE change regularly. See my full guide at moneysavingexpert. com for full daily updated details and all the tips and eligibility criteria.
Here’s a quick summary of the top deals at the time of writing…
FREE £200 (£150 UPFRONT, £50 IF YOU STAY) + 5% FIXED SAVINGS
SWITCH to the hsbc.co.uk Advance account and you can get £150 free cash. Stay with it for a year and you’ll get another £50. It also lets you save up to £250 per month in its linked 5% fixed regular savings account.
With HSBC like most banks there’s a minimum monthly pay in to get you to pay in your salary. Here it’s a relatively large £1,750.
If you don’t earn that much there’s a way around it. If you earn £1,000 a month, then just withdraw £750 and pay it straight back in and you will qualify.
■ When do you get the money?
Within 30 calendar days of switching, so do it now and it should be in time for Christmas.
FREE £125 PLUS 2% CASHBACK ON BILLS
SWITCH to most NatWest.co.uk current accounts and you’ll get £125.
Among those is the NatWest Reward account where for a monthly £2 fee you get 2% cashback on household bills that you pay via direct debit from it, including council tax, water, energy and broadband – many can earn £100 a year from this. Its minimum monthly pay-in is £1,500.
■ When do you get the money?
It’ll be paid in February – so way after Christmas – and you’ll need to keep your account till then.
FREE GADGETS PLUS TOP SERVICE
THOUGH not free cash, switch to FirstDirect. com and you can choose a free gift from a selection of gadgets (eg £120 Amazon Echo or £120 Fitbit), or a £150 Expedia voucher.
It’s also won every customer service poll I’ve done for the past eight years – 89% rate it ‘great’. You’ll also get a £250, 0% overdraft, and can open a linked 5% regular saver. The minimum monthly pay in is £1,000.
■ When do you get the freebies?
Within two weeks of paying in your first £1,000 you’re emailed instructions on how to get the freebie which can then take up to a month or so to arrive.
FREE £125 M&S VOUCHERS WITH NO MONTHLY PAY IN
SWITCH to bank.marksandspencer.com and you get a £125 M&S gift card with no-minimum monthly pay in.
If you do pay in £1,250 a month, however, you can earn an additional £5 a month voucher for a year.
It also has a linked 5% fixed regular savings account.
■ When do you get the money? Within a month of switching – again, that’s plenty of time for Christmas.
OVERDRAWN? YOU CAN SWITCH TOO…
BEING overdrawn doesn’t stop you switching, though you may not get the same overdraft limit as your current account. For those with smaller overdrafts, the First Direct account above is useful as, as well as the free gadgets it offers an interest-free £250 overdraft – an easy way to avoid costs.
Alternatively, Nationwide.co.uk’s FlexDirect gives a year’s 0% overdraft, yet there’s no set limit – it depends on your credit score.
After the year you pay 50p a day if you’re overdrawn, so do use the time to try and ditch the debt.