Martin Lewis shares 'free cash' £175 message to most people with a bank account
Martin Lewis, the Money Saving Expert, has revealed a clever tip for getting an easy £175 just in time for Christmas. By switching to First Direct's 1 Account, you could ensure your festivities get a bit more sparkle, he suggests.
In his popular weekly newsletter released on 18 September (Wednesday), Mr Lewis gave out the handy financial advice, saying: "Grab a FREE £175 in time for Christmas. All banks, bar one, have turned off their switching 'bribes'. I hope some will return, but there's no guarantee."
Although former HSBC UK customers who have been with the bank since 2018 won't be able to participate in this offer, those banking with Nationwide, Santander, Barclays, NatWest, TSB, or Lloyds are all fine to join. He clarified this in his MSE bulletin.
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Speaking about the deal, Mr Lewis said more on the possible benefits. "Luckily, the one currently available is often a top pick, so it's worth considering."
Delving into more specifics, Mr Lewis added: "First Direct FREE £175, top service, 0 per cent overdraft, 7 per cent linked saver. First Direct pays newbies who use its switching service £175, so do it now and you can get the cash by 20 Nov, plenty of time for it to go towards your Christmas coffers," as Birmingham Live has reported.
Mr Lewis highlighted First Direct's reputation for good customer service, with a 90% rating. He also praised additional benefits such as a linked 7% regular savings account allowing up to £300 monthly deposits, a potential £250 interest-free overdraft, and a debit card offering favourable rates for overseas transactions.
First Direct has laid out specific requirements for new customers on its website, stating: "Within 45 days of your account opening you need to: switch to us using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking. New customers only, who haven't previously held a First Direct product."
The statement goes on to say: "Sorry, we also can't offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time. Subject to status. UK residents only."