Money expert Martin Lewis is urging bank customers to switch their accounts and collect free cash payments this week as he warned that they could be ‘pulled soon’.
Right now, four major banks are offering cash payments of up to £175 to switch your account to them.
Although each one has a slightly different offer with different qualifying criteria, such as direct debits, minimum deposits and so on, each bank will pay up to £175 to those who make the switch and fulfil the eligibility.
But this is the ‘prime week’ to make the switch, Money Saving Expert founder Martin Lewis announced, as he warned there’s a ‘strong chance’ some of them may disappear imminently.
Writing on X, Martin Lewis warned: “Four banks are now giving current account switchers a free £150 to £175 as a new one launched this week.
“There’s a strong chance this is the prime week for doing it, as a couple of those may (no guarantees) be pulled soon.”
In fact, Santander has already announced that its £150 switching offer will end on Wednesday, February 5 at midnight.
Right now, First Direct is offering a free £175 to switchers. It will also offer a linked 7% savings account, which pays £137 of interest over the next 12 months, and has a £250 0% overdraft.
Nationwide’s FlexDirect account has a linked 6.5% saver, with £5 a month cashback on debit card spending, and also pays £175 to switch.
Santander’s Edge account offers £150 to switch and gives money back on monthly bills, up to £20 a month, or £240 a year. It will also give about £235 of interest on its linked 6% easy access savings account should you max it out – but this is ending this Wednesday.
Finally, TSB is offering £100 free cash to switch, and also gives £10 a month cashback for 6 months, for a total of £160.
Martin Lewis’ MSE added: “After a lacklustre period, four top bank accounts now bung switchers money, after a new one launched this week. Yet there are unconfirmed rumours one or two of the others may be pulled soon. So with hindsight, today may be the current sweet spot to give you maximum choice.
“Switching’s usually quick & easy. To get the free cash, you need to go via the bank’s seven-working-day switch service, which moves across your standing orders & Direct Debits for you, closes your old accounts and from that point auto-forwards any payments made to it to your new one.
“You’ll also need to pass a not-too-harsh credit check and most require you to switch 2+ Direct Debits or standing orders across.”
