Financial expert Martin Lewis advises taking advantage of free cash incentives offered by banks for switching accounts, warning that these offers may be withdrawn soon. Four major banks are currently offering up to £175 to new account holders, but with time-limited promotions, Lewis urges swift action.
Money-saving guru Martin Lewis is urging bank customers to consider switching accounts this week to take advantage of free cash rewards, warning that these lucrative offers could disappear soon. Currently, four major banks are offering up to £175 to those who switch their accounts. Each promotion has its own set of terms and conditions, such as direct debit arrangements and minimum deposits, but they all offer the enticement of up to £175 for customers who meet the criteria.
However, the founder of MoneySavingExpert.com, Martin Lewis, has indicated that this could be the best week to act, cautioning there's a 'strong chance' some promotions might vanish any moment. On his website, Martin Lewis expressed concern: 'Four banks are now giving current account switchers a free £150 to £175 as a new one launched this week.' He further asserted, 'There's a strong chance this is the prime week for doing it, as a couple of those may (no guarantees) be pulled soon.' Indeed, Santander has announced that their £150 incentive for switching will end by Wednesday, February 5th at midnight. At present, First Direct is tempting new customers with a free £175 if they switch, reports The Express. They also offer a linked 7% savings account yielding £137 interest annually, alongside a £250 0% overdraft. Nationwide's FlexDirect account boasts a connected 6.5% saver, provides £5 monthly cashback on debit card use, and similarly offers a £175 switching bonus. Santander's Edge account is enticing new customers with a £150 switching bonus and offers the chance to earn up to £20 a month, or £240 a year, in cashback on monthly bills. Additionally, it provides roughly £235 of interest on its linked 6% easy access savings account if you take full advantage of it – but this offer concludes this Wednesday. Meanwhile, TSB is tempting switchers with £100 free cash and an additional £10 a month cashback for six months, totalling £160. Martin Lewis' MoneySavingExpert.com has highlighted the current opportunity: 'After a lacklustre period, four top bank accounts now bung switchers money, after a new one launched this week. Yet there are unconfirmed rumours one or two of the others may be pulled soon. So with hindsight, today may be the current sweet spot to give you maximum choice.' The site further advises on the process: 'Switching's usually quick and easy. To get the free cash, you need to go via the bank's seven-working-day switch service, which moves across your standing orders and Direct Debits for you, closes your old accounts and from that point auto-forwards any payments made to it to your new one.' To qualify, customers must meet certain criteria: 'You'll also need to pass a not-too-harsh credit check and most require you to switch 2+ Direct Debits or standing orders across.
BANKSWITCHING FINANCIAL ADVICE MARTIN LEWIS MONEY SAVING EXPERT FREE CASH BANK PROMOTIONS
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