Money Saving Expert founder Martin Lewis has shared a tip that could see people claim as much as £200 in free cash.
The finance guru regularly shares tricks people can use to save money, and Mr Lewis has again told people how they can make cash by switching their bank accounts. How it works is banks offer a financial incentive for people to move their custom to them rather than sticking with their current providers.
Savers will need to meet certain criteria to claim the cash.
READ MORE: Martin Lewis warning to anyone going abroad in 2023
For example, NatWest is offering switchers to its Reward account £200 upfront, as well as £3 every month you use the mobile app and pay out two direct debits. But you'll need to pay in £1,250+ and use mobile banking within 60 days of opening the account.
Other banks are running similar offers, with new customers who switch to First Direct's 1st Account getting a free £175. Its regular saver also pays a huge 7% interest. To be eligible, you can't have had any First Direct or HSBC account since January 2020, and users will also need to pay in £1000 or more within the first three months.
Similarly, TSB is giving switchers to its Spend & Save account a £125 bonus, and a further £75 by November. To get the money you need to switch by March 24, have two or more direct debits, spend using the debit card and log on to mobile banking. But you can't have had a switch bonus from TSB since October 1 last year.
The additional £75 is paid after you spend on the debit card five or more times each month between April 1 and September 30. You must also pay in £500 and have two or more direct debits, and the cash will be paid by October 31.
To find out more about the banking "bribes", or to make the switch, read the MSE article in full here
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