Money expert Martin Lewis says bank customers can get up to £175 free cash from Nationwide, First Direct or Santander – as well as more money on top in the next 12 months.
Returning on The Martin Lewis Money Show Live on ITV1 and ITVX, Martin told his viewers how to secure hundreds of pounds simply by swapping your bank account.
Bank switching is easy, with most completing in a few days automatically, thanks to banks in the UK being signed up to the bank switching service, which will automatically move across direct debits and bills.
All three have other perks though, such as cashback on bills or spending, an overseas fee-free debit card or a linked high interest savings account.
Martin said: “First Direct gives new customers £175, 91% great service, a 7% regular saver for up to £300 a month in, it’s got a top card for spending overseas, it’s a debit card so you don’t pay any exchange rate difference, just the exchange rate on the day, and most get a £250 0% overdraft.
“An all rounder, Nationwide also £175 for free, it gives you 5% interest, on up to £1,500 easy access, 1% cashback for 12 months, up to a maximum £5 a month on your debit card spending, and it’s got a 6.5% regular saver although the maximum is lower than First Direct so the interest is actually quite a bit lower over the year.
“And finally if you’ve got a bills account, good for a joint bills account this, Santander Edge account gives you a free £150. You pay it £3 a month and you get cashback on your bills, up to a maximum of £10 a month, cashback on bills paid via direct debit, plus get 1% cashback on grocery or travel cashback up to £10 for a maximum of £20 a month, that easily covers the fee and more so people are mostly making money. You’ve got a 6% easy access savings, and it’s also got an overseas debit card.
“So unless your bank account’s making you happy right now why not take a look at what’s out there, get paid to switch, possibly improve your service and get paid when you’re paying your bills.”
One woman told Martin: “Thanks to you I’ve made £800 last year for just switching a bank account around and earning at least 5.2% on my savings.”
Martin added: “You’ve got to be able to keep moving them to different accounts in order to do that, some people have mule accounts they do it with.”
