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Martin Lewis has told his lucky listeners how they can get their hands on free cash in just seven days thanks to a bevvy of bank switches currently on the market.
The money saving expert is telling his fans how bank switching season is ‘very lucrative’ right now and how you can get your hands on free cash worth as much as £200 a pop in seven days without affecting your ongoing direct debits.
Martin explained how four banks – Santander, First Direct, Lloyds and TSB – are currently offering £175 free cash incentives to switch accounts.
And Nationwide is offering £200 to some existing customers if they switch accounts currently held at other banks or building societies.
In addition, Santander is offering £175 within seven days, and down the line, a range of associated perks like an Edge 7 percent savings account and a low-fee foreign travel card, although the attached perks will take longer than seven days to bear more financial fruit.
Martin assured one of his radio listeners that when the switch is put into effect, it will take no longer than 7 days to happen and all of your direct debits and standing orders will seamlessly be transferred across in most cases.
Martin Lewis said: “Well generally the switch happens at a certain point in time, so if your direct debit is due before your bank closes your account and switches it all over, it will be paid from your old account.
“If it’s due a second afterwards, it will be paid from your new account. The seven day switching service is supposed to work seamlessly so that you go from one moment, click, you’ve got another bank account, all the direct debits, all the standing orders, are moved over, and I hear few problems about it.
“I clearly though can’t promise you won’t be the one person caught in that glitch. I personally though wouldn’t worry about it. But you might want to keep a check that your direct debits have been paid, but it’s not something that I’m particularly worried about, unless it’s like ‘I’m going to apply for a mortgage next week should I do this today’ in which case my answer would be no.
“Let us know how you get on and when you get the free cash.”
