Yahoo News Martin Lewis says Santander, Lloyds, NatWest, Nationwide issuing free payments of up to £741
Martin Lewis has explained how customers at a range of leading banks can be handed free payments ahead of Christmas. As we approach the festive season, Mr Lewis, 52, has championed the process of bank switching, because it could hand you free payouts.
Mr Lewis explained how NatWest and Lloyds customers can be handed a free £216 or £200 respectively. The NatWest Reward Account which comes with a minimum pay-in of £1,250/month (equivalent to £16,000 annual salary) offers £180 upfront bonus, plus £36 annual cashback and a solid 6.17% interest on its linked regular saver.
You can earn £5 each month, while a £2 fee brings you a £3 net cashback every month. That's £216 in your pocket after the first year. With Club Lloyds, the £2k minimum monthly pay-in means you qualify for £200 straight away, alongisde the option of perks like 12 months of Disney+ or six cinema tickets.
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The First Direct account comes with £175 free for switchers - and offers a seven per cent interest rate. There is no minimum pay-in but you need to deposit £1,000 within 45 days. Helpfully, the payout deadline is actually the latest of those listed - 20 December, which is just a matter of weeks away before December ends.
The others championed by Mr Lewis include the Nationwide’s FlexDirect account which offers £175 upfront, plus 6.5 per cent interest on its regular saver. And Santander Edge gives you £150 upfront, plus cashback on bills and groceries, the Money Saving Expert has explained.
The account also offers a 6 per cent interest rate on savings for the first 12 months, with a maximum of £240 in interest if you top up the savings pot. To claim your cash, you’ll need to switch accounts, deposit £1,500, and set up two direct debits.
