Martin Lewis explains how you can get £125 'free' money before Christmas

21 October 2020, 11:00 | Updated: 21 October 2020, 11:02

Martin Lewis has revealed how to get free money
Martin Lewis has revealed how to get free money. Picture: ITV/Getty Images

The Money Saving Expert has revealed how you can get £125 by switching banks.

With money tight for a lot of families this Christmas, Martin Lewis has now revealed how Brits can bag an extra £125 for their festive fund.

Writing in his weekly Money Saving Expert newsletter, the expert explained that people can get £125 free cash handed to them if they switch banks.

He wrote: "Four banks currently pay, and two of them pay quickly enough for you to get it in plenty of time to boost your Christmas coffers.”

The money is offered to new customers for moving to specific bank accounts.

The extra money could go towards Christmas shopping
The extra money could go towards Christmas shopping. Picture: Getty Images

And new rules in place mean that the switchover happens within a few days, so you won’t be waiting weeks for all your direct debits and payments to be moved.

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"It only takes seven working days and the banks do it all,” Martin continued.

“Switching your direct debit and standing orders over, closing your old account, and making sure any payments are forwarded."

According to the financial expert, Natwest Reward account is a top player, paying £125 for a minimum monthly payment of £1,250.

HSBC has also matched this but with a minimum pay-in of £1.7k, while Club Lloyds is offering £100 and requires £1,500 a month.

- £125 - NatWest Reward - Min pay-in £1,250 a month

- £125 - HSBC Advance - Min pay-in £1,750 a month

- £100 - Club Lloyds - Min pay-in £1,500 a month

Martin also offered advice for meeting the minimum payment threshold, as he added: "First remember if you've a joint account it's the combined pay-in that matters.

"If not, there's usually a way to cheat it.

"Say the pay-in is £1,250, but you only have £850 coming in, then pay in the £850, withdraw £400 to an account at another bank (or in cash) and then pay it back in, and BINGO - you'd qualify."

To find out more about whether you should switch banks, visit Money Saving Expert.

The Martin Lewis Money Show LIVE, is on Thursday at 8.30pm on ITV.

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