MARTIN Lewis and his MoneySavingExpert team have revealed how you can get your hands on £150 free cash.
In the money mogul’s latest newsletter, the team revealed that banks were offering up the cash to customers who made a simple switch.
Martin Lewis’ MoneySavingExpert reveals how to get £150 from your bankCredit: Rex
As many as six major UK banks will pay you simply for your custom.
And it means that switching your current account can be a quick an easy way to make some cash too.
First Direct gives new customers £150 for using its banking services.
But you can’t have ever had any First Direct account before, or opened a current account with its sister bank HSBC since January 2019.
And there are a couple of other steps you have to follow to cash-in.
Once you’ve opened an account with the bank, you’ll need to switch from another current account that’s not First Direct or HSBC, and pay in over £1,000 – but you’ve only got three months to do it.
Switch your current account to the Royal Bank of Scotland Reward account though, and you could also get a free £150 upfront.
The clock is ticking down on this cash reward, as you have to open the account and switch online or via the app by 5pm tomorrow.
Then you need to pay in £1,250 plus, and use mobile banking, to cash-in – but you’ve got until May 26 to do this.
You can expect to see the £150 reward by June 24.
Newbies who switch to the HSBC Advance account via a specific link that the MoneySavingExpert team has shared can get a little more than £150 too.
By opening an account and starting a switch within 30 days, paying in £1,500 in the meantime, customers can get £175 free.
There’s also £125 on offer from both Halifax and Nationwide if you follow similar switching steps.
While each of the free incentives may be tempting, just make sure to check all the eligibility criteria before signing up.
There might be other requirements for claiming the freebie which could leave you out of pocket or with a product that you don’t need.
You also need to check that it provides the services you need before switching – like having a branch near you, or top customer service.
Sometimes switching offers aren’t limited to cash rewards either – one high street bank is giving new customers 100 Greggs sausage rolls if they open an account, for example.
It’s easy to compare all these different options though – and having a shop around is recommended.
One savvy switcher has even taken up the practice as a serial act – but they’ve managed to make £400 in just a year from switching several times.
A budgeting expert has shared just how many bank accounts you should really have, in the meantime..
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