Everyone plans to have a merry Christmas, but with the cost of living crisis, there is a feeling it might be a little harder this year than usual. As ever, though, Martin Lewis has brought some top tips for Christmas cash.
The Martin Lewis Money Show Live held its Christmas preparation special tonight (Tuesday, November 15). And the money saving guru's top tip was to switch bank accounts.
Now's a great time to do it, he told the audience in London and Blackpool. He said this is because three banks currently pay for custom with up to £200 cash.
"This is for newbie bank account switchers. Now to do this, you must switch using their official switching service.
"There's a fairly easy credit check you'll have to pass too. It usually takes seven working days to switch, so in reality, that's nine or 10 days.
"They will close your old account for you. They will automatically shift over the direct debits and standing orders.
"Any payments will be auto forwarded to your new account for three years. Clearly, let people who are paying your new account details as soon as you can."
The three accounts Martin picked to switch to are:
Nationwide Building Society FlexDirect
Free £200
5% interest on up to £1,500 for one year
One-year 0% overdraft
71% ’Great’ rated
Switch now and have the money by December 5
Pay in £1,000 per month
HSBC UK Advance
Free £200
Linked 3% interest on up to £10,000
31% 'Great' rating
Switch now and have the money by December 15
Pay in £1,500 once
First Direct 1st account
Free £175
Top service 88% ‘Great’ rating
£250 0% overdraft for many
3.5% linked Reg saver up to £200 a month
Switch now and get the money by December 23
Pay in £1,000 once
MoneySavingExpert says: "The Current Account Switch Service (CASS) process is straightforward and takes just seven working days. Just open a new account with your chosen bank, then request a switch through it – you'll usually be asked during the application if you want to switch.
"Provided both banks are signed up to CASS (most are), the switching service will close your old account and move your money, direct debits and standing orders across. It'll also move payments meant to go into your old account into the new one, for instance, your salary.
"If something goes wrong, the bots behind the scenes sort it, so for at least three years any money paid into the old account or wrongly earmarked to come out of that account is transferred to the new one. "Also, if you're hit with any charges due to an error in the switch, this should be refunded by the new bank."
The Martin Lewis Money Show Live in on Tuesdays on ITV1 at 8pm, or on ITV Hub
