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Martin Lewis reveals how you can get £200 ‘free cash’ today – TechVerdant

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Martin Lewis explains how you can get up to £200 of free cash (Picture: Metro Graphics)

Amid the ongoing cost of living crisis, making your money go further is more important than ever.

And one way to get a bit of extra money into your pockets is to switch accounts.

Loyalty doesn’t always pay off, and there are currently five banks offering up to £200 if you switch to them.

Money Saving Expert Martin Lewis explained in his latest weekly email round-up that changing bank accounts is usually quick and easy and takes up to seven working days.

Your bank of choice will have its own switch service, which closes your old account and moves your savings, standing orders and direct debits automatically. From then on, any payments to your old account are forwarded on to the new one.

NatWest, First Direct, Santander, Lloyds and HSBC are all offering up to £200 to switch to them – and it’s even possible to keep switching over and over again, collecting hundreds of pounds of free cash.

Here are the details…

NatWest/RBS

Switching to either NatWest or RBS Reward accounts by Tuesday, April 2 will get you £200 of free cash.

Martin Lewis explains: ‘With these, you pay a £2 per month fee and get £5 per month cashback provided you use the app each month and have two £2+ Direct Debits going out.

An easy way to make some extra money (Picture: Getty Images)

‘You can also put £150 per month into a linked one-year 6.17% variable regular saver – max that out for £61 interest.’ 

To be eligible, switch and pay at least £1,250 into the account, keep the money there for at least 24 hours, and use the app within 60 days. You need to switch from a non-NatWest Group bank, and can’t have received cash from NatWest for switching to it since January 2020.

First Direct

This new offer from First Direct, without a set expiry date, gets new switchers £175 in free cash if they switch to a 1st Account.

Martin says: ‘First Direct’s been near top in every service poll we’ve ever done. Most also get a £250 overdraft at 0%, so say you’re overdrawn by £425, the free switch cash pays some off, the rest’s interest-free.

‘You can also put £300 per month into a linked 1-year 7% regular saver – max that out and that’s £136 interest.’

To be eligible, your switch must include at least two direct debits or standing orders, then within 30 days you must pay in at least £1,000 and log into its digital banking service. You need to be new to First Direct, can’t have opened an HSBC account after January 1, 2018, nor be switching from HSBC Group banks.

Santander

It could be a nice boost to your savings (Picture: Getty Images)

Swapping to the Santander Edge account will get you £185 free cash – but Martin warns that the offer could end at any time.

He added: ‘It launched last week, but we don’t think it’s a stayer, so sooner’s safer.

‘You pay £3 per month, but get two sets of cashback up to a maximum £10 per month each: 1% on bills, and another 1% on supermarket, fuel, and train and bus travel spending.

‘This pays £80-£100 per year on typical bills, even after the fee. 

‘You also get access to a year’s 7% variable savings up to £4,000 – maxed out, that’s £280 interest.’

 To be eligible, you need to pay in at least £1,500 in the first 60 days, always have at least £500 per month going in, and set up at least two direct debits. You need to switch from a non-Santander Group bank, and have never had a Santander switch payment.

Lloyds

Switching to a Club Lloyds account gets you £175 plus one of the following: a 12 month Disney+ subscription (with adverts), six cinema tickets, Gourmet Society & Coffee Club membership, or a magazine subscription. However this switch deal ends on Thursday, March 28.

Martin says: ‘You can also put £400 per month into a linked 1 year fixed 6.25% regular saver – max it out for £161 interest.’

To be eligible, you have to pay £2,000 into the account every month or you’ll be hit with a £3 per month fee. The account you switch must have at least two direct debits, and you can’t have had switch cash from Lloyds since April 2020.

HSBC

Swapping to the HSBC Advance account pays switchers £100 and gives £10 per month cashback for a year.

However, Martin says you have to ‘jump through quite a few hoops to get it’ – more details on that here.

Can switching banks impact my ability to get credit?

Martin explains: ‘Switching bank can impact your short-term ability to get credit, both as it’s a credit application and, more importantly, as lenders like evidence of stability.

‘It usually isn’t a big deal, but if you’ve an imminent, important credit application due (such as a mortgage within the next six months), it’s probably best holding off until after.’

Get in touch with our news team by emailing us at [email protected].

For more stories like this, check our news page.


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