A woman has revealed how she managed to cash £125 into her bank account by following a simple tip from Martin Lewis. If you’re wondering how to bag yourself some extra cash this month, then this helpful tip could come in use.
The Money Saving Expert has issued advice on the best way for the general public to get some free cash – and the tip involves changing your bank account. But don’t worry, it turns out it’s not as much of an inconvenience as it sounds.
Kate Lally, a reporter from the Liverpool Echo tried making the switch from her Santander account – which she’d had since she was 15 – to a new Halifax account in the hopes of bagging herself some extra cash. She says making the move was “actually extremely straightforward” and only took “a matter of minutes”.
She was offered £125 to make the switch and that’s not the only deal that was on offer. As Kate chose a ‘Reward’ account she also gets an extra reward of either £5, a cinema ticket, digital magazines or movie rentals, if she pays in a total of £1,500 each month. She chose the £5 option, which means if nothing changes, she’ll get an extra £60 per year
Unfortunately the deal with Halifax has now come to an end – but other banks are offering up deals. HSBC is currently offering the most for new customers with a total of £170, they’re closely followed by its sister bank First Direct who are offering £150.
If you are looking to move your bank account, there will be terms and conditions you will need to meet before applying to ensure you get the free cash after switching. Always make sure you get the right deal for you when switching and don’t just change over for the incentive the bank is offering you.
Here’s what Kate had to say on her experience of following the money saving expert’s advice: “Last month, MSE shared a number of ways savers could get their hands on some free money by moving accounts to a different banking provider. I opted for the Halifax Reward account, as it offered £125 bonus for opening the account.
“This is the first time I’ve switched banks since opening my first account with Santander at 15. I’d previously been put off as it seemed like too much of a faff, but it was actually extremely straightforward and took me a matter of minutes. I imagine banks have realised a complicated switching process would be unappealing.
“All I needed to do was tell Halifax of my intention to switch, fill in my details and they notified my old bank on my behalf. They also moved all my direct debits across from the old account. I then had to tell my employer to ensure my wages landed in the right place (this took around 20 seconds). I had £125 in my new account – and with my monthly reward, there’s more free cash to come. Thanks, Martin!”