Martin Lewis' Money Saving Expert site has shared advice on how to get up to £170 free from your bank in five minutes.
With the cost of living crisis continuing to worsen, millions of households across the country are looking for ways to cut back costs and earn some extra money.
While there is help on the way from the UK Government, the new Money Saving Expert also has some tips to get some quick cash.
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As reported by Kent Live, you could gets hundreds of pounds simply by switching bank accounts.
The newsletter reveals that 70 percent of people polled in a questionnaire admitted to not having switched bank accounts in the past five years — or ever.
It adds: “Yet switching bank is one of the easiest ways to gain a little bit of extra cash. So, with incomes squeezed on all sides by higher prices and soaring bills, we make no excuses for rounding up the top offers to boost your coffers.”
Switching bank accounts is an easy and quick way of getting a little bit of extra money, as all that is required is opening a new account and informing your current bank that you are making the switch.
Moving accounts requires closing your old one and automatically moving all of your direct debits and standing orders to the new bank.
The newsletter explains: “To get the cash or other perks, you must usually be a new customer, pass a not-too-harsh credit check, and use the bank's official switching service. All accounts are available both as single and joint accounts.”
According to the finance advice site, HSBC offers the best rate — giving new customers £170 with its fee-free HSBC Advance account.
In order to qualify for the account, you will be required to have two or more direct debits or standing orders set up, and will need to deposit at least £1,500 in the first 60 days of opening the account.
The offer is not available to people who have had an HSBC current account, or an account with sister bank First Direct, on or after January 2019.
The latter is also offering new customers £150, split over two payments.
Those who take advantage of the offer will receive £20 for opening a First Direct 1st Account and a further £130 once the switch is finished.
In order to qualify, though, you will be required to deposit £1,000 or more in the first three months.
Lloyds is also offering new customers free money if they open up a Club Lloyds account, which is fee-free as long as you meet its £1,500 a month minimum monthly pay-in.
