MoneySaving Expert Martin Lewis has found three new deals which could see you handed £125 with a simple banking switch.
The trick involves switching your bank account with an easy online tool, and deals have been outlined on the MoneySavingExpert site.
Three banks are currently trying to attract customers with deals of more than £100 cashback for those who transfer.
Martin said: “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 7 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.
“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. “
All the accounts have a minimum monthly pay-in – so you basically have to have your salary paid into those accounts.
But Martin has a trick for getting around that.
He said: “Say the pay-in is £1,500 but you only have £1,000 coming in. Pay in the £1,000, withdraw £500 specifically to an account at another bank (or in cash) and then pay it back in, and BINGO – you’d qualify with all the accounts.”
The best deals listed by Martin and MoneySavingExpert are:
- HSBC can switch Advance account. You’ll get £125 roughly 30 days after the switch. It also then gives you access to its 2.75% fixed regular saver, where you can save up to £250/mth.
Open the account and start a switch within 30 days. You’ll need to pay in a min £1,750/mth).
- RBS: FREE £100 + £3/mth back. RBS is now offering customers who switch accounts to it from elsewhere a free £100 on a couple of its accounts. The standout is RBS Reward which charges a £2/mth fee but then pays most people £5/mth, so you’re £3/mth up.
Y ou must pay in £1,500+ and log in to online/mobile banking by 30 Dec 2020. To grab the extra £3/mth on the Reward account, you must pay in £1,250/mth.
- Lloyds: FREE £100 + choice of freebies, eg, 12 movie rentals. Those switching accounts from other banks to Club Lloyds get £100, interest of up to 1.5% on balances up to £5,000, and a choice of four annual benefits:
– 12 digital movie rentals (that would normally cost you c. £55)
– OR six cinema tickets (that’d cost £30-65, depending on location)
– OR a magazine subscription (that’d cost £35-45)
– OR a Gourmet Society membership (that’d cost c. £40)
Open an account and complete a switch by Mon 9 Nov. You need to pay in at least £1,500/mth (equiv to a £21,500/yr salary) – if not there’s a £3/mth fee.