The Money Saving Expert founder has addressed anyone thinking of switching their bank account in order to claim a free cash reward
Martin Lewis , the founder of Money Saving Expert, has issued a warning for those considering switching banks for the free cash incentives offered by the likes of Nationwide, NatWest, Lloyds, Santander, and First Direct ahead of Christmas . These banks are luring new customers with bonuses between £150 to over £200, which could be a boon for the holiday budget.
But he added a stern warning about multiple switches: "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." Emphasising his words of caution, Martin Lewis said: "Switching very regularly to make money can have a bigger impact. If you're rejected, it could be for one of many reasons, for example... you've got a poor credit record, you've had past dealings with that bank where you've missed payments or the bank doesn't think you'll be a profitable customer," reports the Mirror.
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