MARTIN Lewis encourages families to take advantage of £ 125 worth of bank draft offers if they need help with cash this Christmas.
The founder of MoneySavingExpert explained how HSBC will offer you the cash incentive within 30 days of the account move.
Lloyds, meanwhile, promises to give customers £ 100 within ten days if they switch accounts. This offer expires on November 9th.
Martin explained in his weekly newsletter how bank bribes work and how to switch using the Current Account Switch service.
He said: “The transition process through the banks’ special brokerage services is very simple these days.
“It only takes seven working days and the banks do everything – they switch your direct debit and standing orders, close your old account and make sure all payments are forwarded.”
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If you don’t need the cash for Christmas, NatWest is offering £ 125 for customers who move their main account by November 19th. However, they promise to pay by February 12, 2021.
RBS also has a £ 100 cash incentive to switch by December 30th, although you may not receive your money until January 29th, 2021.
Before you go ahead and switch, you need to verify that you meet the conditions for the new account you are about to switch to.
You should also make sure you’re switching to the right account for you – it’s not worth switching just for a cash incentive.
To receive the £ 125 from HSBC you will need to apply for the Bank’s Advance Account or Premier Account.
The advance comes with a high monthly minimum deposit of £ 1,750 or a minimum deposit of £ 10,500 every six months. You also need to switch two direct debits or standing orders to receive them.
The Premier account requires a minimum salary of £ 75,000 plus an HSBC mortgage, investment, life insurance or protection product.
HSBC hasn’t said if this deal has an end date, but it could pull the offer anytime.
Alternatively, to receive £ 100 from Lloyds you will need to switch to their Club Lloyds account. However, you need to pay at least £ 1,500 per month.
You are also not eligible for the offer if you have had an incentive to switch to a Lloyds account since April 2018.
For NatWest you need to switch to their NatWest Select or Rewards account.
Customers must deposit a minimum of £ 1,500 into the account and log into online or mobile banking using the NatWest Mobile App before January 15, 2021.
New and existing customers can apply, but they must be at least 18 years old and have not received a cash exchange offer from the Royal Bank of Scotland (RBS) Group, which NatWest is a part of, since October 2017.
The Select account is free to use, but the Rewards account has a monthly fee of £ 2 or more.
For RBS you get £ 100 when you switch to their RBS Rewards account. For this you have to pay at least £ 1,250 per month.
In other news from Martin Lewis, the MoneySavingExpert founder called the Green Homes voucher program a “flop”, as only one in six homes could find installers.
Recently, he’s been wondering whether it’s cheaper to leave the heater on all day or turn it on when you need it.
Last month, Martin warned workers on leave to check their payroll if they were underpaid.
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