A TikTok star has explained how people can boost their bank balance by carrying out a bank account switch.
Timothy Paul, also known as TempahTime on TikTok and Instagram, whose account features “finance tips and life tricks”, regularly suggests ways people can try out to save money.
During the current period of financial uncertainty, such tips couldn’t be more welcomed as many grapple with living costs amid high inflationary pressures.
Taking to his 558,700 TikTok followers, Mr Paul explained how he made £200 in a short, 30-second video that garnered 3,827 likes.
Speaking when the Nationwide offer was available, he said: “Here’s how you can make £200 in the next 30 seconds. If you are over 18 and a UK resident, Nationwide will pay you £200 just to switch to one of their current accounts.
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“All you need to do is apply on their website through the current account switch service (CASS) and they’ll process the application within one week.
He noted that the account also comes with some other “tidy” benefits, such as a five percent interest rate. Mr Paul added: “Not bad for 30 seconds?”
While Nationwide’s bank switch deal has since ended, the tip can be applied to many banks that offer incentives throughout the year.
HSBC and NatWest are each offering a £200 bank switch deal, while first direct is offering account switchers £175.
HSBC bank switch deal
To be eligible for HSBC’s £200 switch deal, customers must complete a full switch of their existing current account to an HSBC UK Advance or Premier Bank Account, using the Current Account Switch Service (CASS) and, within 30 days, set up at least two direct debits or standing orders.
Within 60 days of opening the account, customers must also deposit at least £1,500 with one or more deposits. The £200 will then be paid within 20 days.
Customers will not qualify if they’ve held an HSBC UK current account since January 1, 2020; have opened a first direct current account since January 1, 2020; they may hold a first direct account and it was opened before January 1, 2020.
NatWest bank switch deal
The £200 switch deal is available for customers switching their current accounts to one of NatWest’s Select, Reward, Premier Select or Premier Reward accounts.
To qualify for the deal, new customers need to close and transfer their non-NatWest current account to the new NatWest account using the Current Account Switch Service (CASS) online or through the mobile app.
New customers must also deposit at least £1,250 into the account within 60 days of opening, and also log into NatWest’s mobile banking service within 60 days.
Existing customers who already have a NatWest Select, Foundation, Reward, Reward Silver, Select Silver, Reward Platinum, Select Platinum, Premier Select, Premier Reward, Black account or Premier Reward Black account opened prior to February 14, 2023, can also get £200 if they close and transfer a non-NatWest current account to the new account.
Customers won’t be eligible for this offer if they (or in the case of a joint account, either account holder) have already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between October 1, 2017, and February 13, 2023.
If successful, the £200 reward will be paid seven days after the steps are completed.
first direct bank switch deal
Offering bank switchers a one-off £175 payment, first direct is rewarding those opening a new 1st account using CASS.
To be eligible, they must be a new customer and pay in at least £1,000 within three months of opening the account. The money will then be paid within 28 days.
