Martin Lewis says 'it's easy' and shares hack to get free £200

Kate Lally

9 July 2024 at 5:13 pm·2-min read

Martin Lewis has said "it's easy" as he detailed a way many people can get their hands on £200 for free.

The Money Saving Expert founder is known for his financial tips and tricks, and they've never been needed more as the cost of living crisis groans on and on. Fans who are signed up to the MSE newsletter receive a weekly email full of ways to save, money advice, and success stories from people who have followed Mr Lewis' guidance.

The latest edition landed in people's inboxes on Tuesday evening, and within it is a way many banking customers can get a cash bonus.

Mr Lewis said: "If you're unhappy with your bank, switching to a new one is quick and easy – and now's a great time to do it as banks are currently offering up to £200 for your custom."

He has highlighted that First Direct is offering a £200 incentive to anyone who switches to its 1st Account. The money comes as £175 cash, and a £25 Amazon voucher, and switchers will also get a 0% overdraft, and a 7% regular saver.

To get the bonus, you'll need to open the account in-app, or online if it is a joint account, having switched in an account from a different bank. You'll also need to move two or more direct debits or standing orders, and pay in £1,000 or more within 30 days of the account opening.

During this period, you'll also need to use your new debit card at least five times and log on to online banking. The £175 will then be paid by the 20th of the following month, while the Amazon voucher will be emailed to you within 90 days.

You won't be eligible for the bonus if you've ever had any account with First Direct, or if you've opened a current account with HSBC since January 2018.

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