The financial journalist has explained how you could get free money in time for Christmas - but there are some things to consider before you switch to a new bank
Martin Lewis has encouraged consumers to make a switch to one of five major UK banks to grab an "easy" £200 in time for Christmas . The financial guru pointed out that Santander, Lloyds, Nationwide, and NatWest are offering free cash incentives for those willing to switch accounts.
He went onto explain the potential impact of switching on credit ratings: "If you do one switch, well, it's an application on your credit file which has a very minor, short term negative effect. Lots of those in a short space of time can be an impact. Banks also like to see evidence of longevity, so that's also slightly negative. So I wouldn't switch my bank account if I had a mortgage application during the next two months.
Lloyds Bank is offering a £200 incentive for those who switch to a Club Lloyds account by December 10. Similarly, NatWest is providing a £180 reward for customers who move to its NatWest Reward account, provided they deposit £1,250 into their new account and log into the mobile app within 60 days of switching.
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