Martin Lewis reveals how to get £200 in free cash with simple claim

MARTIN Lewis has revealed how people can get £200 in free cash directly to their bank accounts with a simple claim.

The Money Saving Expert has revealed how you can get free just by switching your current account.

With inflation pushing up the cost of everything from energy bills to food, it’s a simple way to get some extra cash.

The MSE team said in the latest newsletter: “Now THREE banks pay proper money to tempt you to switch, so unless you like a smooch with your current bank, why not take the cash…

“There’s a new – or more accurately, returning – player to the bank-switching price war.

“HSBC’s joined NatWest in offering newbies £200, with First Direct close behind. Switching is usually quick and easy.

“You need to use the seven (working) day switch service, which moves all direct debits and standing orders over for you, closes your old account, and ensures any payments to it are auto-forwarded for at least three years.”

Switching bank account is easier these days than it used to be.

All you need to do is open the new account and let your new bank know you’re switching over.

Give it your old bank details and it will do all the legwork of moving over direct debits and standing orders.

It takes just five minutes to fill in the form – and the switch is usually completed in seven working days using the Current Account Switching Service (CASS).

Watch out though – it’s crucial to read the terms and conditions to check if you’re eligible for the free cash before you sign up.

Some banks won’t give you the money if you’ve been a customer before, while others want you to pay a certain amount each month to qualify.

Here are the best switching deals currently available:

HSBC

The bank is offering customers £200 if they switch from a different provider to either its HSBC UK Advance or Premier Bank accounts.

The offer is available now and there is currently no end date in sight.

To qualify, you will need to meet a monthly qualifying criteria.

You’ll need to be approved for an optional arranged overdraft of at least £1,000. 

You won’t be eligible if you’ve had an HSBC account since January 2020 – even if it’s now closed.

The offer is only available to new customers only, so any current HSBC account holders will not be able to get the cash.

NatWest and RBS

Customers switching to the NatWest Reward or RBS Reward current account get £200 in cash.

You must switch from a different bank, deposit £1,250 into your account and log into the mobile banking app within 60 days.

You’ll get the £200 after seven days. The account charges a £2 a month fee.

NatWest, RBS and Ulster Bank also offer current accounts with no fee and you’ll still get the £200 cash, just no cashback or other rewards.

First Direct

Customers that switch using the Current Account Switch Service and deposit £1,000 in their new account within three months will get £175 in free cash.

You can only benefit from the offer if you’ve never had any sort of account, loan, mortgage or other First Direct product.

If you’ve opened a current account with HSBC on or after 1 January 2020, you also can’t apply.

The account offers access to a linked savings account paying 7% interest on the first £300 saved every month.

How do I switch bank account?

It’s easy to switch your bank account using the  (CASS).

You don’t have to remember to move direct debits over when moving as it does this everything for you.

All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.

There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.

To get your old statements you should get in touch with your bank.

How to find the best bank accounts

With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.

Research websites like MoneyFacts and price comparison websites such as Compare the Market, GoCompare and MoneySupermarket will help save you time and show you the best rates available.

These sites let you tailor your searches to an account type that suits you.

You might come to realise that a different account is suited to you rather than the one with the biggest switching incentive.