Liverpool news Martin Lewis explains how to get free £125 by making quick change MetiNews.Com
MetiNews.Com - The Money Saving expert has outlined the tip in his weekly newsletter
Breaking News ! Martin Lewis has revealed how people can get a free £125 by making a simple switch. The Money Saving Expert has explained how to get the free cash in his latest weekly newsletter. During the coronavirus pandemic many banks removed their switching bonuses, but as things begin to open up more the banks are starting to reintroduce them. Martin said : "The big beasts of the banking world usually want your custom, and they're finally again willing to pay you a decent whack for it. So if you need some cash, grab it - the process is far easier and quicker than it used to be. "It takes 7 working days and the new bank moves all payments (incl direct debits), closes your old account, and ensures all payments you receive there are forwarded. If anything goes wrong, you're protected. "Though you must pass a not-too-harsh credit check, and you need to use the banks' official switching services to get the protection and perks. You'll also usually need 2+ active direct debits to be switched over." The bank offering the biggest amount of upfront case is HSBC, with a free £125 and access to a 2.75% fixed regular saver. Read More Related Articles Sign up for the free Liverpool Echo newsletters Read More Related Articles The Liverpool Echo has a free app and here's how to download it Martin said: "Newbies to HSBC can switch to its Advance Account, and you'll get £125 roughly 30 days after the switch. It also then gives you access to its 2.75% fixed regular saver, where you can save up to £250/mth. Its customer service rating from our Aug 2020 poll is a decent 47% 'great'." To qualify for the account you need to open it and start a switch within 30 days, You then need to pay in a minimum of £1,750 a month, you also can't have held a HSBC account or opened a First Direct or M&S Bank account - they're part of the same group, since 1 Jan 2017.
. Martin said : "The standout is RBS Reward which bizarrely charges a £2/mth fee but then pays most people £5/mth, so you're £3/mth up. Yet its customer service rating is only 35% 'great'. "To get the bonus, you must pay in £1,500+ and log in to online/mobile banking by 30 Dec 2020. To grab the extra £3/mth on the Reward account, you must pay in £1,250/mth (equiv to a £17,000/yr salary) and log in monthly to its mobile app. "You can qualify even if you have an existing RBS Reward account (though you need to be switching in an account from elsewhere), unless you've had switching cash from RBS or its sister banks NatWest and Ulster Bank since Oct 2017." Keep up to date with local news in your area by adding your postcode below
Lloyds is also offering new customers a free £100 and a choice of freebies such as free cinema tickets. Martin said: "Those switching accounts from other banks to Club Lloyds get £100, interest of up to 1.5% on balances up to £5,000, and a choice of four annual benefits, 12 digital movie rentals, six cinema tickets, a magazine subscription or a Gourmet Society membership. "To qualify you need to open an account and complete a switch by Mon 9 Nov. You need to pay in at least £1,500/mth (equiv to a £21,500/yr salary) - if not there's a £3/mth fee, so if you can't make the pay-in, probably best to avoid this account. "You can qualify even if you have an existing Club Lloyds account provided you haven't had switching cash from Club Lloyds or Club Lloyds Platinum since April 2018." Martin also offered a tip to help people get around the minimum pay-in to qualify. Martin said: "Say the pay-in is £1,500 but you only have £1,000 coming in. Pay in the £1,000, withdraw £500 specifically to an account at another bank (or in cash) and then pay it back in, and BINGO - you'd qualify with all the accounts above. "Though there is a chance those on much lower salaries may not be accepted in the first place."
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