MARTIN Lewis has explained how you can get a handy cash bonus, just by changing bank.
The money saving guru alerted readers to three banks offering switching bonuses in this week's Money Tips email.
Brits can get up to £125 cash just by swapping providers and meeting any terms and conditions from the bank.
Of course, before you switch you need to make sure that you're not missing out in other ways, for instance lower interest, poor customer service or worse savings rates.
But if the one of the banks offering a bonus is a good fit for you, a simple swap, which will take less than seven days will leave you quids in.
Here's all the banks currently offering cash incentives for current accounts.
HSBC Advance – apply now
- Reward for switching – £125
- Other perks – Access to a regular saver account paying 1% interest, where you can pay £250 each month
- Overdraft – £25 buffer at 0%, then 39.9% EAR variable
- Terms and conditions – You must start a switch within 30 days of opening an account. You need to transfer across two or more direct debits or standing orders and pay in at least £1,750 each month.
- Interest on current accounts in credit – none
- Who is eligible – Anyone whose not had a HSBC current account or opened a First Direct current account since January 1 2018
- Bonus paid: Within 20 days of the switch completing
How to switch bank accounts?
NOT sure what switching could do for you? Here’s what you need to know:
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
First Direct – apply now
- Reward for switching – £100
- Other perks – Access to a regular saver account paying 1% interest for between £25 and £300 per month
- Overdraft – A £250 interest free overdraft, then 39.9% EAR variable (max £20/mth)
- Terms and conditions – You have to pay in at least £1,000 within three months of opening the account
- Interest on current accounts in credit – 0%
- Who is eligible – Only available to people who haven’t previously held an account with First Direct, and/or who have not opened a HSBC current account on or after 1 January 2018. You may hold a HSBC current account and still qualify for the offer, as long as the current account was opened before January 1 2018.
- Bonus paid: Within 28 days of the switch completing
Halifax Reward – apply now
- Deadline to apply – May 4
- Reward for switching – £100
- Other perks – Up to 15% Cashback.
Customers that either spend £500 on the debit card each month or keep £5,000 or above in the account each day of the month also get a choice of:- 2 x Digital Movie Rentals – with RakutenTV
- 3 x Digital Magazines – titles such as Cosmopolitan and Men's Health
- 1 x Cinema Ticket – at any UK Vue Cinema (each ticket valid for 12 months)
- £5 paid direct in your account
- Overdraft – Arranged overdraft fee of 39.9% EAR variable
- Terms and conditions – There's a £3 monthly fee to maintain the account. If you pay in £1,500 or more each month you won’t pay the fee.
- Interest on current accounts in credit – 0%
- Who is eligible – Anyone who hasn't had a switching bonus from Halifax since April 2020. Existing customers need to switch into a new, separate Reward account to qualify.
- Bonus paid: Within 3 days of the switch completing
Even those these three banks are the only ones offering cash bonuses, it doesn't mean that they should be the only options you consider.
There are also lots of other perks available like access to higher interest savings accounts, free magazines or subscriptions, free travel insurance and cashback.
Martin Lewis’ MoneySavingExpert explains how to reclaim thousands from your bank.
He also explained how M&S Bank customers can now get £125 ahead of account closures.
Meanwhile, Barclays, Halifax, HSBC and Lloyds Bank customers warned about convincing new phoney text message scam – how to spot it.
Source: Read Full Article