Money expert Martin Lewis is warning customers they have very little time left to grab a free cash bonus for switching banks as offers are set to close imminently.
Speaking on the latest episode of The Martin Lewis podcast on BBC Sounds, Money Saving Expert founder Martin Lewis set out that many of the current bank switching offers are set to disappear soon.
There is still time to claim several of the deals, including from Santander, Lloyds and NatWest, but the offers are ending very soon.
Lloyds is closing its deal on Tuesday, December 10, while Natwest is pulling the plug on its offer from Wednesday, December 18.
Meanwhile Martin warned that apart from First Direct, other bank offers are likely to vanish too.
Martin told his listeners: “I think First Direct is staying around, but my whole reason for doing this right now is, people will understand when I say this, purely guesswork, reading the runes, but I read runes quite well, I think most of these accounts will not be here, in fact some of them I can tell you won’t be here.
“The NatWest Reward account which is the top cash in total, that is closing next Wednesday for new applicants (the bonus is closing, not the account).
“So with that account, it gives you £180 for switching, it also gives you £5 a month if you do various things like paying direct debits and logging into mobile banking.
“But it has a £2 a month fee. So it’s a net £3 you’re up.
“Over a year that’s £36, which is a total £216 cash it’s giving you.”
Martin added: “The highest up front cash, straight £200 up front, is Club Lloyds account. That is closing on the 10th of December.
“In other words, the £200 is closing, that also gives you a year’s Disney Plus. You need to pay £2,000 in in a month, it’s just a way of saying put your salary in.”
Martin said Nationwide’s Flex Direct pays £175 and has no closing date on that one right now, and it also gives you 1 percent cashback.
He added that Santander pays £150 to switch to its Edge account but added ‘I think that will end soon’.
