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Daily Mirror
Daily Mirror
Business
Sam Barker

Martin Lewis urges everyone to check their bank account now - could you get free £200?

MoneySavingExpert founder Martin Lewis is urging Brits to check their bank account to see if they can earn up to £200 by switching.

Many banks pay cash if you swap current accounts to them - and if you aren't with one of the ones below, you could get yourself some free cash.

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.

In today's MoneySavingExpert email, Mr Lewis said: "With costs rising and Christmas coming, the thought of festivities may lead to furrowed brows.

"One bit of relief is that six banks are currently willing to pay you legal bribes to switch to them, including the biggest upfront cash we've seen for years. So unless your current bank makes you smile, why not ditch, switch and earn?"

Banks are paying out up to £200 just for switching current accounts (Ken McKay/ITV/REX/Shutterstock)

The top cash offer comes from Nationwide.

The building society 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.

The top offer is being paid by Nationwide (Amer Ghazzal/REX/Shutterstock)

They will then get the cash within 10 days.

The accounts are slightly different in how they work.

FlexAccount: An everyday bank account where members can bank online and in-branch for no fee.

FlexDirect: This is similar to the FlexAccount. It is free, and a perk is that it also pays 5% interest on up to £1,500 for a year - that's a maximum of £75. You will have to pay in £1,000 a month as well.

FlexPlus: A packaged account with perks like worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free use abroad. It costs £13 per month.

The new account can be opened on Nationwide’s website or via internet or mobile banking.

Rival bank TSB is paying out £180 for people who take out its Spend and Save current account.

You'll get £125 by December 16 if you set up two direct debits.

The rest will be paid later.

But to get the cash you'll need to take the account out through MoneySuperMarket or MoneySavingExpert.

First Direct is also paying customers to switch.

The bank is paying £175 for people taking out its 1st Account.

To claim the money, customers will have to put £1,000 into the account when it opens.

After that there is no minimum amount to pay into the current account every month.

NatWest and sister bank Royal Bank of Scotland is also paying out £175 to people who switch.

The NatWest and RBS Reward current accounts give switchers £175 in cash plus £5 a month cashback.

However, the accounts do come with a fee of £2 a month so you get £3 a month in real terms.

You'll also need to pay in £1,250 a month to either account and pay out two direct debits of at least £2 a month.

Alternatively you can take out the bank's Select current account - which has no monthly fee - and still get the £175.

Finally, Lloyds Bank is paying anyone who takes out its Club Lloyds current account £150.

The cash will be paid within 10 days of opening an account.

But to get the cash you'll have to pay in £1,500 a month or else pay a fee of £3 a month.

Mr Lewis added: "To bag the free cash you usually need to pass a not-too-harsh credit check and then use the bank's seven working-day switching service.

"This auto-moves your balance, standing orders and direct debits for you. Plus it'll close your old account, and ensures any payments to it are auto-forwarded. Most say the process is easy and hassle-free to do."

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