Martin Lewis has come to the rescue once again with a top tip on how to get some money out of the banks.
The Money Saving Expert explained how it could be worthwhile having a look at switching your account to another provider.
And with £125 up for grabs, it’s not hard to see why.
In his latest email roundup, the 48-year-old said banks are vying for your custom and are willing to pay for it.
He wrote: “The big beasts of the banking world usually want your custom, and they’re finally again willing to pay you a decent whack for it. So if you need some cash, grab it – the process is far easier and quicker than it used to be.
“It takes seven working days and the new bank moves all payments (incl direct debits), closes your old account, and ensures all payments you receive there are forwarded. If owt goes wrong, you’re protected.
Martin says switching your account could be rewarding, but you need to be careful. Credit: PA
“Though you must pass a not-too-harsh credit check, and you need to use the banks’ official switching services to get the protection and perks. You’ll also usually need 2+ active direct debits to be switched over.”
So how does it work?
Well, in order to qualify for any financial reward, you have to organise your switch through the Current Account Switch.
If you meet all the criteria, usually making several monthly deposits of a specified amount, you should be set.
However, it’s important that you always read the small print in any agreement, because there also may be some hidden charges.
Speaking to The Mirror, Moneyfacts expert, Rachel Springall, said it could be beneficial but urged caution.
She said: “Customers need to make sure that they weigh up all the elements of a current account before they move, which includes any fees or additional benefits.
“There isn’t much point switching to an account offering free cash if someone expects to use the overdraft on a frequent basis.
“Not only that, but opening an account which hosts tonnes of benefits and costs in a fee each month is a bit pointless if the customer doesn’t make use of them.”
You need to read the small print to get the most out of a new account. Credit: PA
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So which providers are offering the biggest bang for your buck?
HSBC Advance Account – £125
New customers will receive the lump sum within 30 days of joining, provided they are able to pay £1,750 into their accounts each month to keep the account open.
If you choose this option, you will also have access to the bank’s 2.75 percent fixed regular saver, too, where you can save up to £250 a month.
Lloyds – £100
As well as the money, new customers can also make the most of the bank’s Club Lloyds, which offers 12 free movie rentals, six cinema tickets, a magazine subscription or a Gourmet Society membership.
The account also pays 1.5 percent on accounts up to £5,000.
You will, however, be charged £3 a month for the privilege, unless you can pay in at least £1,500 each month.
You also have to be switched over by 9 November.
RBS – £100
With RBS, customers will be able to choose between a fee-free Select account or opt for a Select or Reward account.
As long as you have registered two direct debits, the Reward Account could pay out about £4 each month, with a further £1 if you sign up to online banking.
However, it will cost you £2 a month to access.
Also you need to pay in at least £1,500 and have logged into the mobile app or Digital Banking by 30 December 2020 to qualify. Your £100 will then be paid by 29 January 2021.
But you’ll have to be quick, as the offer ends on 19 November – though the bank stipulates that it could be cut short at any time.
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