Martin Lewis explains how to get £ 130 in free cash in time for Christmas by changing banks
MARTIN Lewis explained how you can get Â£ 130 for free in time for Christmas by switching banks.
The founder of MoneySavingExpert said that seven banks are currently offering free money and other incentives to encourage customers to redeem their checking accounts.
Santander 123 Lite switches will receive Â£ 130 for free and between 1% and 3% cash back on most bills for Â£ 2 per month.
The minimum monthly wage is Â£ 500 and you should get your freebies between the end of December and January, Martin said in his weekly bulletin.
Customers upgrading to an HSBC Advance account can get Â£ 110 and a Â£ 30 voucher for Uber Eats or The Dining Out.
You’ll have to pay Â£ 1,750 per month and HSBC will hand over the free money in early December.
Nationwide is offering customers Â£ 100 to switch to their FlexDirect account – you’ll also get 2% interest on up to Â£ 1,500 for the first year.
This will be paid in mid-November if you start the process today.
By upgrading to the 1st account from First Direct, you will get Â£ 100 free, with no minimum monthly payment, and the free money will be paid in early December.
If you upgrade to a Virgin Money M Plus * account, you could get 12 bottles of wine or a Â£ 150 Virgin Experience Day gift card.
You will receive your gift by the end of November and you will not have to pay a minimum amount each month.
NatWest and RBS are also offering Â£ 100 to change banks, but you’ll have to wait until early February for your money.
How to change bank account?
Before switching banks, you need to think about what you want from your checking account based on your spending habits.
For example, if you are often overdrawn, you shouldn’t switch to an account with high overdraft fees.
You can then find the one that best suits your needs by using a comparison site such as Uswitch or Compare the Market.
Make sure you read the fine print and fully understand the terms and conditions before changing.
You should also make sure that you can meet the eligibility rules of the new account you have chosen, such as being able to pay a certain amount each month.
Once you’ve decided which account is right for you, switching should be a straightforward process.
You will just need some financial information, such as a bank account number, ID, and proof of address.
There is a checking account switching service that allows people to trade within seven days – most banks are signed up for the initiative.
This means that your salary and withdrawals will automatically be transferred to the new account.
Review your existing debits to see if there are any you don’t want to carry over to your new account.
If you want your old statements, ask your current bank as they will no longer be available after the change.
You can then choose your preferred change date – and you can use your old account until that deadline.
To start your change, ask your new bank or mortgage company to move your old account using the change account service.
If you have agreed on an overdraft facility with your new provider, you can transfer any existing overdraft to the new account.
Any payment mistakenly sent to your old account will be transferred to you indefinitely, so you won’t lose money.
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