Martin Lewis has shared which banks offer you money for switching or opening an account. The money saving expert was back with his show, the Martin Lewis Money Show Live, on ITV on Tuesday night, answering people's burning financial questions.
In one segment of the show, he shared the banks that are currently paying you to switch. He called on the audience to "ditch and switch and get paid to do it." Among the top for up-front cash was Nationwide, who Martin said would give you a free £200 for switching "in time for Christmas." He added that it also had up to 5% interest on up to £1,500 for a year.
He added that it had a "good service rating" and is a "pretty well-rounded account". He said: "You need to have a grand a month going into it which is just it's way of saying, 'Pay your salary of £12,000 in.'" Although he added there was a "trick."
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"Let's say you earn £900 a month. You get your £900 going in, you then withdraw £100 and the next day you redeposit the £100. Now you have £1,000 a month going in and you can do it by standing order, you can do it manually and you would fulfil the criteria."
Another competitor was First Direct, who give you £175. "You only need to put a grand in there once and then you can withdraw it to qualify," he said. Martin then mentioned two that are "ending very soon" - RBS and Natwest reward accounts, which end this Thursday (October 20). It pays £175 and if you pay a £2 a month fee, you then get £5 a month back, the money saving expert said.
"Those of you who've never switched, if you're not really happy with your bank account you get really good rated service and be paid to switch. Why wouldn't you?" he said.
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