Martin Lewis reveals how YOU can get £200 free cash this Christmas
The Money Saving Expert has given advice to any families struggling with the ongoing cost-of-living crisis as we approach the festive period
Martin Lewis has revealed that Brits can get up to £200 free in time for Christmas just by switching banks.
The Money Saving Expert advised on how those feeling the pressures of the cost-of-living crisis can cash in ahead of the festive period.
Martin said hundreds of pounds could be up for grabs if people are willing to take advantage of the promotions.
The 50-year-old told people to avoid “creating a lust list” for Christmas, due to the risk of having to overspend on presents as a result.
The potential for a magical family day on Christmas could be diminished as a result of the heavy financial implications, he warned.
One hack that could make Christmas more affordable is exploring switching offers put forward by banks, something that often tends to occur at this time of year.
Perks such as free cash, vouchers, cash back deals and exclusive savings rates are often put forward by companies with the aim of enticing new customers.
The presenter spoke about the process to Brits on ITV on Tuesday.
Martin said: "We have a hot range of bank account deals at the moment. This is for newbie bank account switchers."
He said customers must ensure they are using the official switching service (CASS) when opting to switch, and they have to pass a credit check to be eligible for the offer.
By acting now, Brits can net themselves a financial windfall before the Christmas period.
Martin said: “It usually takes seven working days to switch, so in reality that’s around nine or 10 days, they will close your old account for you.”
The Money Saving Expert put forward three banks offering the most attractive payments for switching: HSBC, First Direct and Nationwide.
Martin said changing your account to a Nationwide Building Society FlexDirect can earn you £200, an offer that he described as the “standout”.
The bank also offers five percent interest on up to £1,500 and 12 months of a zero percent overdraft.
Martin added: "The customer service rating is pretty good there.
"It's also paying quickly - after your switch is complete, it then pays within ten days of the switchover, provided you meet the terms and conditions.”
To qualify for the offer, you have to commit to paying in a minimum of £1,000 each month and transfer with two active direct debits.
HSBC’s UK Advance account is also offering customers £200 when they switch.
Customers are able to take advantage of a three percent interest on up to £10,000 with a linked savings account, something the Money Saving Expert says is a “pretty good deal”.
To qualify for the offer, you have to make a one-time payment of £1,500 into the account and at least two direct debits or standing orders.
First Direct’s 1st account is Martin’s final recommendations, which offers switchers £175.
Martin has praised the reward despite it being slightly less than the other two options, saying the bank offers a “top customer service rating”.
The bank also offers an ongoing zero percent overdraft and a three point five percent linked regular saver.
To qualify, you need to have £1,000 go into the account, which you are then able to take out.
The Money Saving Expert added: “If you love your bank accounts, stick with it but if you don’t love it, why not get paid to ditch and switch?”
The presenter claimed 81 percent of his viewers who had already opted to switch felt the process was hassle-free.
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