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Martin Lewis explains how to get £150 FREE from your bank

Money Saving Expert founder Martin Lewis explained how consumers can get up to £150 in cash for free by switching bank accounts.

HSBC and First Direct are both offering £100 plus one-time payments to attract new customers.

You can switch bank accounts to earn more money

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You can switch bank accounts to earn more moneyCredit: ITV

HSBC Advance is offering free £150 payouts to people who switch, the largest amount of cash available at this time, according to Latest MoneySavingExpert newsletter.

To claim a freebie, you need to open a HSBC advance account and start your conversion within 30 days.

You will need to pay at least £1,500 within 60 days and transfer more than two or more direct debits or orders in your name to receive the funds.

Once you’ve done that and HSBC has marked your eligibility, you’ll receive your funds within 30 days.

However, to be eligible, you cannot have an HSBC checking account or open a First Direct current account as of 1 January 2019.

Meanwhile, First live increased the payout to £130, up from £100.

Customers need to deposit at least £1,000 within the first three months to receive cash.

Other banks are also advertising offers for consumers who want to open a bank Bank account.

Nationwide’s FlexDirect pays up to £125 for new customers.

Meanwhile, Virgin Money is enticing users with 12 bottles of wine or a £150 experience voucher.

Be sure to check all eligibility criteria before signing up as you may be required to pay a certain amount to be eligible for the freebie.

Remitters can compare bank accounts using MoneySavingExpert’s tutorialor another comparison site, such as Market comparison.

How do I switch banks?

It’s simple to open a new bank account using Current account switching service.

It does most of the work for you, so you don’t have to remember to pass direct debits over when you’re on the go.

All you need to do is sign up for the new account you want, and the new bank will notify your current provider that you’re moving.

First, make sure that you double-check all the terms and conditions attached to the account.

If you have an overdraft, you should find out if your new bank will accept it before switching.

While the conversion service makes things easier, you’ll still have to manually update a few important things.

While your paycheck will be transferred to the new account, it’s a good idea to notify your employer of your new payment details as a precaution.

Changing accounts is a good time to cancel standing orders that you no longer need.

You should also download a copy of your statement and transaction history, as this information will be deleted when your old account is closed.

You can choose a conversion date that works for you – just make sure you allow seven business days for the conversion to take place and that the date you choose isn’t a Saturday, Sunday or Bank Holiday.

Once you’ve completed your new bank’s terms and conditions, you can switch back for even more money – although some accounts require you to be a customer for a certain amount of time to get free coins.

We talked to a serial converter who switched banks three times in 2020 alone, pocketing a reward of almost £400.

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https://www.thesun.co.uk/money/17176074/martin-lewis-moneysavingexpert-free-cash-bank-account-switch/ Martin Lewis explains how to get £150 FREE from your bank

JACLYN DIAZ

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