Money Saving Expert explains how you can get £125 for free by switching bank account – Daily Record

by MoneySaverExpert has good news for savers who can now get £125 for free by switching their bank account to First Direct or HSBC.

The consumer champion has highlighted the two switching incentives in this weeks newsletter, both of which have the biggest pay offs – though the deals have some strings attached.

The experts said: “The bank switch war has reignited – now three banks pay you to switch. Top service bank First Direct, and its sister bank HSBC, both offer switchers £125, while Virgin Money offers wine.”

One of the banks is First Direct, who will pay you £125 if you sign up and pay £1,000 into your current account within three months.

Deals close soon so interested savers are urged to act quickly
Deals close soon so interested savers are urged to act quickly

You don’t have to keep the cash there permanently.

First Direct customers also get access to a one-year savings deal paying 1%, which is far better than the top rate of 0.9% available to the general public from Cynergy Bank.

First Direct also has good customer service. Lewis said 91% of MoneySavingExpert readers ranked it ‘great’ in a recent poll.

However, the deal closes on July 12, so act quickly if you’re interested.

Secondly is HSBC who also has a £125 switching bonus for new customers, but only if you take out its Premier or Advance current accounts.

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These are for high-earners only.

To get the Premier account you need to earn at least £75,000 a year and have a mortgage, investment, life insurance or a protection product with HSBC.

To apply for the Advance account you must pay in £1,750 a month or £10,500 over six months, and be approved for an arranged overdraft of at least £1,000.

Once your account is open you can also get a linked 1% regular savings account where you can save up to £250 every month.

These are not the only banks to have new and interesting savings deals.

Virgin Money is giving new customers £140 in free wine, £50 to charity and 2.02% interest on up to £1,000 paid in. You can order non-alcoholic wine if you prefer.

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To get this deal you have to apply online and switch two regular direct debits, plus sign up to its app.

If you want cashback on household bills, consider the Santander 123 Lite account.

If you pay bills by direct debit you can get 3% back on water bills and 2% on gas and electricity, for a £2 monthly fee.

You can also get 2% back on Santander home and life insurance and 1% back on Santander mortgages, phone deals, internet, TV bills and council tax.

You can switch bank accounts for free online using the Current Account Switch Service, or CASS.

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