Martin Lewis has shared a fast and free way for everyone with a bank account to earn between £175 and £200 before Christmas. In his latest outing on the small screen, the consumer champion shared three ways to boost your income, just by “ditching and switching” your current banking services and taking advantage of one the “hot” new deals out there.
In the Martin Lewis Money Show Live Christmas special on Tuesday, studio audiences in London and Blackpool, along with millions of viewers at home, learned that switching your bank account, using the official Current Account Switch Service (Cass), and moving to a new provider which offers a free cash incentive, typically takes seven working day, 10 including weekends.
And better yet, one of the quickest offers, free £200 from Nationwide Building Society, could pay out as early as December 5th - if you switch today (Wednesday). However, deals from HSBC UK (£200) and first direct (£175) should still payout in time for Christmas.
Martin told viewers: “This is about switching bank accounts, I talk about it regularly and we have a hot range of bank account deals at the moment.”
He explained how the deals are for new customers only who use the official switching service Cass, who will take care of all the details for you including closing your old account and transferring any Direct Debits, Standing Orders and regular payments.
Martin added: “Any payments will be auto-forwarded to your new account for three years, but let people who are paying you know the new account details as soon as you can.”
Discussing the top three switching deals, Martin said the “standout” deal is Nationwide FlexDirect which is offering £200 and 5% interest on up to £1,500 for a year, plus a 0% overdraft.
He said: “It’s also paying quickly so after your switch is complete in nine or 10 days time, it then pays within 10 days of the switch over, provided you meet the terms and conditions which include things like having two Direct Debits move across [to the new account].”
Martin continued: “My reckoning is if you switch now, you should have the money by December 5th in your bank account.”
However, he did advise the Nationwide FlexDirect offer has a minimum £1,000 pay in per month, which is effectively your salary.
For those that don’t meet the minimum threshold requirements, the financial guru also has a crafty workaround.
He said that if your monthly income is below the threshold, just withdraw some money and then deposit it again until you meet it. So, if you have £900 coming in and the threshold is £1,000, withdraw £100 and then re-deposit the next day.
Below are the bank switch deals highlighted on the show with the predicted payment date.
Nationwide FlexDirect
- Free cash amount: £200, paid out within 10 days of the switch being completed. Do it today (November 16) for payout around December 5
- Minimum monthly pay in: £1,000
- Other benefits: 5% interest rate on savings of up to £1,500 for a year. Overdraft with 0% interest
- Customer rating: 71%
HSBC UK Advance
- Free cash amount: £200, paid out within 30 days of the switch being completed. Do it today (November 16) for payout around December 15
- Minimum monthly pay in: £1,500
- Other benefits: 3% linked interest rate on savings of up to £10,000
- Customer rating: 31%
Firstdirect 1st account
- Free cash amount: £175, should be paid out by December 23 but may be a few days later
- Minimum monthly pay in: None, you just need to have £1,000 go in once and can take it out again
- Other benefits: 3.5% linked interest rate to a regular saver. Overdraft with 0% interest
- Customer rating: 88%
Martin said: “That’s relatively free cash but of course, if you love your bank account stick with it, but if you don’t love it why not get paid to ‘ditch and switch’.”
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