Martin Lewis, age 47, is the founder of the website Money Saving Expert. He now spends much of his time sharing his financial advice on ITV. Today, he appeared on Good Morning Britain, where he spoke of the new bank account deal which could see you get £175. “The bank switching price war has reignited,” the Money Saving Expert said.
Speaking to Good Morning Britain viewers, he explained: “We’ve got another bank bribe, I call them, a legal bribe, nothing wrong with them.”
First, he pointed out that there are all sorts of bank accounts out there, so it could be worth comparing options before making a move.
However, if you’re looking for a lump sum of cash from your bank, then there are a variety to choose from.
It comes as HSBC launch their latest deal offering new customers £175 if they switch to HSBC’s Advance Account.
“Switch to HSBC’s Advance Account and its new customers (haven’t had an account with it since 2016) now get £175,” he advised.
“You need to use its switching service, have at least two active direct debits and pay in £1,750 or more per month, which is equivalent of a salary of £26,000 if you’re a single person, or less if you both have income going in a joint account.
“It also offers a linked five per cent regular savings account.”
This is not the only bank to have a switch bonus scheme.
NatWest and RBS have also launched a £175 payment if new customers moved to them.
However, Martin pointed out that these banks don’t pay it upfront.
“This is split between £125 upfront and then another £50 after a year – there’s a fee free version, or if you pay £2 per month its Reward account gives two per cent cashback on household bills which for many is worth another £60 – £100 a year even after the fee.
“The minimum monthly pay in here is £1,500 (equivalent to a £21,500 per year salary).”
The Money Saving Expert founder added: “And remember switching accounts is easy.
“Within seven days your old account is closed, any direct debits and standing orders are moved across and any payments going to your old account is auto-forwarded to your new one.”
“It’s a good time to be switching bank at the moment if you want a little bit of extra cash,” he added.
On Monday, Martin explained how This Morning viewers could save £250 on their energy bills each year – by opting for renewable energy.
For more information on bank accounts, visit Martin’s ‘Top bank account’ guide.
Good Morning airs weekdays on ITV from 6am.