Martin Lewis urges people with £1,000 in their bank account to 'move it'
Martin Lewis has warned people with £1,000 in their bank account to move it to First Direct - because you could get a free £175. The Money Saving Expert has spoken out and urged savers and account holders to take action for the handy cash.
“Now, the reason I chose to talk about First Direct is because this week, it is launched its free £175 switching bonus,” he said on the BBC Sounds podcast. MSE founder Martin continued: “So, if you move bank to First Direct and you've never been a customer there before and you haven't been an HSBC customer since I think it's 2018, you can get £175.
“Now, bank switching deals have been poor in the last couple of months so I'm pleased to see one back first.” The account also provides zero interest on up to £250 of overdraft. ITV regular Martin said: “Now most banks overdrafts have 40 per cent interest at the moment. They are the danger debt, way worse for most people than the high street credit card.”
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He added: “If you do it now, you get “175 pounds in time for Christmas and it's a top customer service bank.” On its website, Money Saving Expert explains: "First Direct's been top or near-top of every bank service poll we've ever run – most recently it scored 91% 'great'. Plus, newbies to First Direct's 1st Account can expect £175 to switch, a £250 0% overdraft (subject to a credit check), a linked regular saver paying 7% fixed for a year and near-perfect rates when spending overseas. Put all this together and it's a top all-round account."
But be warned: you can't have ever had ANY account with First Direct (such as a current account, credit card or mortgage) and you can't have opened a current account with sister bank HSBC since January 2018. To get the £175 bonus, open the account in-app (or online for joint accounts), switch in an account from a different bank including 2+ direct debits or standing orders within 45 days, also pay in £1,000+ and make 5+ debit card payments within 45 days and then the £175 is paid by the 20th of the following month after you meet the switch bonus criteria.