Money expert Martin Lewis has tipped off bank customers of major banks like Halifax, Santander and Natwest about £550 of bank switching cash on offer to people willing to ditch and switch to three other firms.
Martin told his followers how Barclays is offering a free £175 in a ‘rare’ move for the bank which doesn’t normally hand out cash incentives like other banks do.
And First Direct is offering £200, £175 in cash with a £25 Amazon voucher on top, while Club Lloyds is also offering another £175.
Each account also has various other incentives attached.
Barclays is offering free Apple TV worth £108 a year, with an attached 5.12 percent saving account, Club Lloyds offers free Disney Plus for 12 months (worth £80 a year), plus a linked 6.25 percent saver, and Barclays offers a linked 7 percent saver worth £136 of interest.
A bank switch takes up to seven days to complete but there is nothing to stop you switching multiple times, or agreeing with your partner to each switch your accounts in different directions and get at least one of the bonuses each.
Money expert Martin Lewis said: “Two new FREE CASH banks switch deals have launched, First Direct with ‘£200’ and rarely Barclays with £175 (good for those who’ve done all the rest).
“Switching is usually easy and hassle-free. To get the free cash, you must use their 7 (working) day switch service. This moves all your money, Direct Debits & standing orders for you, closes your old account, and auto-forwards any payments to it to the new account. You usually have to pass a not-too-harsh credit check.”