Martin Lewis shares ‘top’ account offering free £175 and 7% on savings
Martin Lewis on 'free cash' accounts
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On the Martin Lewis Money Show this evening, the money-saving expert explained how people could claim some extra cash this month. As the cost of living crisis continues, and April price rises approach, any extra cash could be vital for families feeling the squeeze.
Mr Lewis explained one of the top accounts that can help put “free cash in your pocket,” is from first direct.
He said: “first direct comes top in most polls.
“If service matters to you they will give you a free £175.
“You also get an ongoing zero percent overdraft for most people and a seven percent linked regular saver.
“To qualify for that you need to put £1,000 in once. It’s an easier qualification for people who don’t have a regular income.”
To get the £175 cash offer people need to open a 1st Account, switch their everyday banking to first direct using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account.
With the 1st account, customers have access to their seven percent AER/gross Regular Saver Account.
This account allows people to put away between £25 to £300 each month for a fixed 12-month term.
Mr Lewis explained how the Current Account Switch Service works.
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He continued: “To switch bank accounts, you use the switching service which will help you switch within seven working days.
“They automatically move your direct debits for you, your standing orders for you.
“They close your old account and also forward any payment.
“Most people say it’s easy and hassle-free. You get free money for switching.”
Britons can apply if they’re over 18, a UK resident, haven’t been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years.
For more information on how to apply, people can visit the first direct website.
Mr Lewis added: “If your bank account doesn’t make you brilliantly happy right now, why not pay to move elsewhere and get a little bit of extra cash.
“With these price hikes coming, I think a lot of people could do with the extra cash.”
The money saving expert also suggested other accounts that people can consider that are offering free cash to switch.
Sister banks NatWest and RBS on their reward account pay £200 “free money” for switching. Customers can get £3 a month cash back. Mr Lewis explained that people pay £2 a month for the reward card and get £5 cash back with is £3 a month.
To get this, people need to log into the app and have two direct debits coming out.
There is also a linked six percent regular saver. However, there is a “big criteria” for savers to be aware of.
Mr Lewis said: “You effectively need your salary going in, or income going in on £1,250 a month. This is equivalent to a £17,000 salary.”
Another free cash switch option is Halifax. They are offering savers £175 to switch. To get the rewards, people have to “jump through a few hoops,” but it offers free cinema tickets, or free cash a month. For more information, people can visit the Halifax website.
Episodes of The Martin Lewis Money Show are available on ITVx.
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