Martin Lewis urges savers to switch accounts as banks ‘finally’ offer ‘free money’ again | Personal Finance | Finance


Martin Lewis has provided guidance on a number of coronavirus-themed issues from Universal Credit changes to SEISS. Tonight, the Money Saving Expert continued along these lines and even touched on how people could access “free money”.

Martin was happy to inform viewers that banks are “finally” offering switching deals again after months of relative silence.

For those who are willing to switch banks, hundreds of pounds could be paid to them.

Some of the highstreets biggest names are taking part in this, as Martin detailed: “It’s all about how to make banks pay you.

“I’ve got four top pick current accounts for you, two banks that will pay newbies to switch to them and for the first time in months we’ve got one that is willing to give you cash.

“It’s new, it’s HSBC Advance and it’s giving a free £125 to accepted new customers.

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Martin urged savers to look into these deals as they’re “easy and hassle free” but noted the eligibility rules should be checked up on.

He concluded by examining other banking deals that are on the horizon: “If you’ve got a joint bills account or a bills account the Santander 123 light [is good as] you pay it £2 a month as a fee, but you get one to three percent cashback on the bills you pay by direct debit.

“Someone with typical bills, even after the fee, would be making £50/60 a year.

“And another one, if you pay a lot in insurance, Nationwide’s flex plus account [may be] cheaper because it includes family mobile cover.

“Lets say there’s four of you, two are teens, they’ve got smartphones, you’ve got smartphones, you’re paying for insurance and that could be £300 a year for insurance separately.

“£13 a month is £156 a year, so it might be cheaper to get the bank account.”

Martin concluded by detailing “there’s a lot of accounts out there” for these kinds of deals at the moment.

Martin regularly advises consumers to switch bank accounts to take advantage of deals but the Money Advice Service warns customers to check that there are no strings attached.

The advisory service urges savers to look beyond any short-term offer and make sure that, when it ends, the account will still be the best option.

It should be noted that these kinds of deals can include:

  • Cash incentives
  • Higher interest for a period
  • A monthly credit, usually around £5

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