Martin Lewis explains how to get £150 FREE from your bank… – The Sun

by MoneySaverExpert

MONEY Saving Expert founder Martin Lewis has explained how consumers can get up to £150 cash for free by switching bank accounts.

HSBC and First Direct are both offering one-off £100-plus payments to attract new customers.

You can switch bank accounts to earn extra money


You can switch bank accounts to earn extra moneyCredit: ITV

HSBC Advance is offering a free £150 payment to switchers, the biggest cash amount available at the moment, according to the latest MoneySavingExpert newsletter.

To claim the freebie you need to open an HSBC Advance account and start your switch within 30 days.

You’ll need to pay in at least £1,500 within 60 days and switch over two or more of your direct debits or standing orders to receive the money.

Once you’ve done that and HSBC ticks off your eligibility, you’ll receive the money within 30 days.

However, to qualify you can’t have had an HSBC current account or opened a First Direct current account since January 1, 2019.

Meanwhile, First Direct has increased its pay out to £130, up from £100.

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Customers need to deposit at least £1,000 within the first three months to get the cash.

Other banks are also advertising offers for consumers looking to open a new bank account.

Nationwide’s FlexDirect pays up to £125 to new customers.

Meanwhile, Virgin Money is tempting users with 12 bottles of wine or a £150 experience voucher.

Be sure to check all the eligibility criteria before signing up as you might be required to pay in a certain amount to qualify for the freebie.

Switchers can compare bank accounts using MoneySavingExpert’s guide, or another comparison website such as Compare The Market.

How can I switch banks?

It’s simple to open a new bank account using the Current Account Switch Service.

It does most of the legwork for you, so you don’t have to remember to move direct debits over when you move.

All you need to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.

Make sure you double check all the terms and conditions attached to the account first.

If you have an overdraft, you should find out whether your new bank will take it on before switching.

While the switching service makes things easier, you’ll still have to manually update some important things.

While your salary should get redirected to your new account, it’s worth letting your employer know you new payment details just in case.

Changing account is a good time to cancel standing orders that you no longer need.

You should also download a copy of your statements and transaction history, as this information will be wiped when your old account is closed.

You can choose a switch date to suit you – just make sure you allow seven working days for the switch to take place, and that your chosen date isn’t a Saturday, Sunday or Bank Holiday.

Once you’ve fulfilled the terms and conditions of the new bank, you could switch again to earn even more money – although some accounts require you to be a customer for a set period to get the free cash.

We spoke to one serial switcher who moved bank three times in 2020 alone, pocketing rewards of almost £400.

If you need extra help with your energy bills, here’s how you can apply for £140 in emergency funds.

And here are seven companies that will pay you in cash or vouchers if you refer a friend.

Martin Lewis warns energy bills will rise by £600 a year in April

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