Martin Lewis has shared five easy ways people can make up to £200 in free cash before Christmas, just by switching their bank account. In the Martin Lewis Money Show Live Christmas Special on STV on Tuesday, the consumer champion revealed that NatWest, Lloyds, First Direct, Nationwide and Santander are all offering between £150 and £200 to new customers, with four of the banks paying out before Christmas Day.
Martin explained to the huge studio audience at Elstree Studios in London and millions watching from home that “loyalty can pay many things – in relationships, in love, in all of that – but when it comes to financial services products, you need to make them pay for your loyalty.” The consumer champion said the decision to switch is “very simple” and basically comes down to whether you love your bank, the customer service it provides and the financial facilities it offers you.
Martin explained how switching your banking services to another provider is easy and takes just seven working days using the Current Account Switch Service (CASS), which protects your incoming and outgoing payments. The banks offering the Christmas deals all stipulate CASS must be used as part of their terms and conditions.
Martin shared a graphic containing all the deals, including additional perks, eligibility and the all-important payout date. Full details on all the offers can also be found on the MoneySavingExpert.com website here.
Martin said: “I always do this at this time of year because it’s a good way to make free cash and get it in time for Christmas.
“To switch, you need to use the banks at seven working day switching service (CASS), which will close your old account for you. It will auto-forward any payments to that old account, and it will move across any direct debit and standing orders.”
However, he highlighted how recurring payments – those are the ones where the long number on the debit card are used – are not moved across, so you need to keep an eye on those yourself and manually move them to the new account.
Five banks offering free cash
Full details about all the offers below, including the minimum monthly pay in, any account fees, overdrafts on offer and additional extra rewards can be found on MoneySavingExpert.com here.
NatWest Reward account, £180
- Payout – December 4
Club Lloyds, £200
- Payout – December 5
First Direct 1st account, £175
- Payout – December 20
Nationwide FlexDirect, ££175
- Payout – December 7
Santander Edge, £150
- Payout – February 18
You can catch up with the Martin Lewis Money Show Live Christmas special on the STV Player.