Martin Lewis explains how you can get £125 cash from your bank this month

12 February 2021, 10:46

Naomi Bartram

By Naomi Bartram

The Money Saving Expert has revealed how you could pocket £125 for switching current accounts.

With the whole of the UK still in lockdown and the weather looking pretty bleak outside, Martin Lewis is on hand with some exciting cash deals.

Appearing on his ITV show last night, the Money Saving Expert revealed how you could get £125 completely free from a high street bank.

The promotion comes from HSBC, who will pay new customers £125 for switching their banking to one of their current accounts.

Martin said: "Tonight it is all about how to get banks to pay you.

Martin Lewis explained how you can get £125 from switching current accounts
Martin Lewis explained how you can get £125 from switching current accounts. Picture: ITV

"I have got four top pick current accounts for you and two banks that will pay newbies to switch to them - and for the first time in months we have got one that is willing to give you cash.

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"It's the HSBC Advance and it is giving a free £125 to accepted new customers."

Customers will need to open an Advance account and agree to move over all of their direct debits and standing orders, as well as paying in around £1,750 a month.

But Martin said you could get around this by withdrawing money and then paying it back in.

The finance guru also highlighted Virgin Money's account deal which is offering a free £180 worth of wine to new customers.

To get this deal - which ends on Sunday - you must save £1,000 in their account.

Martin added: "The £180 of wine is their estimated price as you cannot buy these 15 bottles of wine elsewhere so we have to trust it.

"To get these deals you need to use their switching services and it takes seven working days.

“All direct debits, all standing orders are automatically moved for you and old accounts cancelled and any payments that go towards it are automatically forwarded to the new account

"For most people nowadays switching account is hassle-free."

HSBC is offering £125 for new customers
HSBC is offering £125 for new customers. Picture: PA Images

Martin also explained more about the deals in his latest MoneySavingExpert email.

"January is usually the month where banks pump out (legal) free cash bribes to get you to switch," he wrote.

"Yet this year the cupboard was bare, as the only major switching freebie was Virgin Money's wine.

“Finally, in the 2nd week of February, there's a deal where you're paid to switch. To get any of the freebies, you need to use the banks' official switching services.

"The switch takes 7 working days, all direct debits and standing orders will be moved for you, your old account will be closed and any payments to it auto-forwarded. You also need to pass a credit check, but it's usually not too harsh."

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