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Wales Online
Wales Online
National
Charlotte Smith

Martin Lewis reveals the banks offering free £175 bonus if you switch to them

Money Saving Expert Martin Lewis has revealed an easy way you can get almost £200 in cash for free.

Appearing on today's installment of This Morning, the financial guru said how it's all to do with switching banks.

In his latest round of money saving tips and tricks, the 47-year-old revealed sister banks Natwest and RBS are now paying customers £175 if they switch to any of their current accounts.

"The stand outs to me," Martin says "are their reward account, where you pay £2 a month but you get £5 a month.

"So you're £3 up a month and £36 up a year, on top of the £175 for joining. Or the easy to get, simple, select account, which is fee free."

To get the upfront £175 bonus, Martin says customers need to open a Natwest account and request a switch by April 2.

Or for those planning to switch to a RBS account, the deadline is April 20.

Then, pay in £1,500 and log in to online or mobile banking by May 10, 2020, or May 24 for RBS.

He continues: "To get the free cash upfront, you need to pay in £1,500 once, you can always take it out the next day.

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"To get the £3 a month on the reward account, you need to pay in at least £1,250 in every month, which is really a way of saying 'pay your salary in there, which can be a minimum of £17,000."

According to the Money Saving Expert website, new and existing customers switching from a non-RBS Group account, as long as you've not had switching cash from NatWest, RBS or Ulster Bank since October 2017

There is also full savings protection, no in-credit interest and the bonus will be paid by June 5, 2020, for Natwest customers, or June 19 for RBS.

For more information, visit the Money Saving Expert website.

 
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