Martin Lewis explains how to secure up to £400 financial boost before Christmas
Martin Lewis has shared how Brits can get a much-needed financial boost of up to £400 for Christmas.
There are currently seven banks offering cash incentives to those who switch accounts; Many also offer other benefits like cashback and high interest rates.
Mr Lewis said this time of year was the “sweet spot” for switching banks and if savers acted quickly the final payment would be made in early December.
speaking on BBC Martin Lewis Podcastthe money guru said: “Since there are seven banks and they all earn money to bribe you (legally) with free cash, I call it the magnificent seven.”
The best offer currently on the market is only available to high earners, as Barclays offers £400 to switch to its Premier Current Account, which requires a salary of £75,000.
However, there are a few more on the market right now that most other savers can benefit from. Here is an overview of the transition agreements currently available:
TSB Spend and Save – up to £210
Mr Lewis made an upfront cash offer of £150, saying it was the best deal “for most people”. However, this amount can be increased up to £210 if taking advantage of special cashback offers for new switchers.
This can be worth up to £10 a month for three months, then £5 a month for six months, rising to £60 when fully used. This can be qualified by making 20 or more debit card payments each month.
The account also provides access to regular savings offering 5 per cent interest on up to £250 per month, fixed for 12 months. This equates to a maximum interest of £71.
Get a free partial share of up to £100.
Capital is at risk.
Terms and conditions apply.
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Get a free partial share of up to £100.
Capital is at risk.
Terms and conditions apply.
ADVERTISING
Club Lloyds – £200
Lloyds offers £200 to switch to a Club account. The deal also provides access to a competitive regular saver rate of 6.25 per cent and allows free spending abroad.
This account also provides an annual reward that allows holders to choose from 12 months of Disney+ (with ads), six movie tickets, Coffee Club and Gourmet Society memberships, or a magazine subscription. This costs £5 per month unless at least £2,000 per month is paid.
Barclays Bank Account – £200
Barclays is offering £200 a month to new exchangers who join its Blue Rewards Scheme. This costs £5 per month and at least £800 per month must be paid.
For this fee, account holders get a free Apple TV+ subscription (normally £9.99 per month) and a free Major League Soccer Season Pass subscription (normally £14.99 per month).
However, savers can opt out of the program if they do not want to pay the monthly fee after receiving their cash.
First Direct 1st Account – £175
Digital bank First Direct is offering new switchers £175, access to a strong 7 per cent interest savings account, free overseas spending and a £250 overdraft offer from 0 per cent. The bank is also regularly credited for its strong customer service.
FlexDirect nationwide – £175
Building Society Nationwide is offering switchers a free £175 plus 5 per cent interest on up to £1,500, 1 per cent cashback for the first 12 months and regular savings of 6.5 per cent.
NatWest Prize – up to £211
NatWest is offering a £175 switching bonus plus £36 cashback per year for a total package of £211. This also brings with it a regular savings interest of 5.5 percent.
Co-operative Bank Current Account – up to £175
The Co-op offers regular savings of £100 for the switch, plus £25 a month for three months and 7 per cent interest.
