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Daily Mirror
Daily Mirror
Business
Sam Barker

Martin Lewis explains how to get £200 free - and in time for Christmas

MoneySavingExpert founder Martin Lewis says Brits can earn up to £200 just for swapping their current account to another bank.

Many banks pay cash if you swap current accounts to them through the Current Account Switching Service, or CASS.

During the worst of the pandemic these switching offers almost totally died out.

But now they are back with a bang, with up to £200 on offer.

The only thing to watch out for is some of the strings attached - like paying in a certain amount every month, or setting up at least two direct debits.

Speaking on the Martin Lewis Money Show Live, the MoneySavingExpert founder said if Brits weren't happy with their current account they should consider being paid to switch.

"Free cash is always good," he said. "We have a hot range of bank account deals at the moment."

Martin Lewis said Brits could get paid to ditch and switch (ITV/REX/Shutterstock)

The top cash offers come from Nationwide and HSBC.

Nationwide is paying £200 to new customers who take out its FlexPlus, FlexDirect or FlexAccount current accounts.

To qualify for the cash boost, customers must complete a full switch, including a minimum of two active direct debits, which must be transferred to the new account.

They will then get the cash within 10 days.

HSBC is also paying £200 to people who take out its Advance current account.

Three banks are now paying money to people swapping accounts (ITV)

To get the cash, you'll need to open an Advance account and start the switch within 30 days using the CASS.

You'll also need to pay at least £1,500 into your account within 60 days and switch at least two direct debits or standing orders.

The money should get paid within 20 days. The £200 is only paid to new HSBC customers.

Martin also mentioned that First Direct is paying £175 for people taking out its 1st Account.

You can also get £20 just for opening an account - so not switching and closing your main current account to First Direct.

To get the main £175 bonus, you need to complete a switch to First Direct and pay in ay least £1,000. The £175 is paid within 28 days.

For the £20, you need to open an account and use mobile or online banking within three months. The £20 is paid within the first four months.

You must not have ever had any First Direct account or have opened a current account with HSBC since January 2019 to get the switch money.

"If you love your bank account stick with it, but if you don't love it why not get paid to ditch and switch?" Martin said. "The last Twitter poll I did on it, 81 per cent said it was relatively simple."

However, multiple bank account switches can hit your credit score, he warned.

So if you need to apply for a mortgage or credit card in the near future, it might be worth putting off swapping bank accounts.

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