Uk news Martin Lewis shares easy way to earn £100 from these banks MetiNews.Com
MetiNews.Com - If you're unhappy with your current bank account you can switch - even if you're using an overdraft
Breaking News ! Money-saving expert Martin Lewis has revealed how customers can earn over £100 just by switching bank accounts. In the latest edition of the MoneySavingExpert.com newsletter, the consumer champion wrote: “In March, life changed. The pandemic hit, as did a financial crunch. And we're still all heavily impacted by the ongoing and knock-on medical, societal and economic results. “Today it looks like the temperature is again increasing. So if you've waited to sort your savings, bank account or credit card... kick into gear.” Three banks are now offering customers £100+ to switch accounts. If you're unhappy with your bank account, you can switch - even if you're using an overdraft (Image: Martin Lewis via Twitter) It takes seven working days to switch bank accounts and the new bank moves all payments, including Direct Debits, Standing Orders and recurring payments. They even take care of moving your salary to the new account and ensure all payments you receive to the old one are forwarded - it works a bit like a postal redirect service and is applied to the new account for 18 months. Should anything go wrong, you’re completely protected, though you must pass a simple credit check, and you need to use the banks' official switching service to get the protection and perks. You'll also usually need at least two active Direct Debits to be switched over. Read More Related Articles Lockdown easing in Scotland: Stay in the know with our newsletters Read More Related Articles How to switch your bank account to another provider in seven days - even if you're using an overdraft Here are MoneySavingExpert.com’s top three switching deals. HSBC: Free £125 plus linked 2.75% savings HSBC is offering customers £125 plus linked 2.75% savings (Image: Getty) New customers to HSBC can switch to its Advance account, and 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 per month. Its customer service rating from MoneySavingExpert.
.” How do I qualify? Open the account and start a switch within 30 days. You'll need to pay in a minimum of £1,750 each month, which is really just its way of saying "pay your salary in" (equivalent to a minimum of £25,600 per year). To qualify as a new customer you also can't have held an HSBC account (or opened a First Direct or M&S Bank account - they're part of the same group) since January 1, 2017. Royal Bank of Scotland: Free £100 plus £3 per month back
RBS is offering customers £100 plus £3 per month back
The Royal bank of Scotland (RBS) is now offering customers who switch accounts to it from elsewhere a free £100 on a couple of its accounts. The standout is RBS Reward which charges a £2 per month fee but then pays most people £5 per month, so you're up each month by £3. Its customer service rating from MoneySavingExpert.com’s August 2020 poll is only 35% 'great'. How do I qualify? To get the bonus, you must pay in £1,500+ and log in to online/mobile banking by December 30, 2020. To grab the extra £3 per month on the Reward account, you must pay in £1,250 each month (equivalent to a £17,000 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 October 2017. Lloyds: Free £100 plus choice of freebies, including 12 annual movie rentals
Lloyds is offering customers £100 plus a choice of freebies including 12 annual movie rentals
(Image: Getty/John Keeble)
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 (that would typically cost around £55) OR six cinema tickets (that would typically cost £30-65, depending on location) OR a magazine subscription (that would typically cost between £35-45) OR a Gourmet Society membership (that would typically cost around £40) Its customer service rating from MoneySavingExpert.com’s August 2020 poll is a stronger 56% 'great'. How do I qualify? Open an account and complete a switch by Monday, November 9. You need to pay-in at least £1,500 per month (equivalent to a £21,500 annual salary) - if not there's a £3 per month fee, so Martin advises “if you can't make the pay-in, probably best to avoid this account.” The financial guru also points out that “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.”
How to cheat the minimum pay-in to qualify The award-winning consumer champion also has a top tip for anyone that wants to switch, but doesn’t meet the minimum monthly pay-in limit. Martin explained in the newsletter: “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.” The deals above are all about the free cash and perks - if you're looking for the top customer service ratings or highest rated apps, take a look at the MoneySavingexpert.com Best Bank Accounts and Digital Banking guides here.
Latest Money News
How many years until you can retire?
Change to PIP claims by end of the year
Are you eligible for Council Tax relief?
More financial support for homeowners
Source = MetiNews.Com