Martin Lewis warns there’s just days left to get 'free' £100 before Christmas

5 November 2020, 11:32

Martin Lewis has revealed how you can get a free £125
Martin Lewis has revealed how you can get a free £125. Picture: ITV/Getty Images

The financial expert has explained how people can get £100 free cash for switching banks.

Martin Lewis has warned there are just five days left to get a free £125 before Christmas.

The Money Saving Expert previously explained that customers who switch banks can get up to £125 as a thank you.

But one of the deals from Lloyds runs out on Monday, which means customers have just days to claim the money.

Lloyds is currently offering £100 to new customers who sign up via the current account switch service.

You can get free money by switching banks
You can get free money by switching banks. Picture: Getty Images

In his latest newsletter, Martin explained: "Four [banks] are currently paying, though only two pay out quickly enough for it to come before Christmas, and one of those is ending soon.

Read More: Grandmother wins back £82,000 after taking Martin Lewis' pension advice

"To get the cash, you'll need to use the banks' official switching services.

"The switch itself will be done within 7 working days, and all direct debits and standing orders will be moved for you, the old account closed and any payments to it auto-forwarded."

Natwest customers can get up to £125 for switching, for a minimum monthly payment of £1,250.

HSBC has also matched this but to qualify, you'll need to pay in a minimum of £1,750 a month and switch at least two direct debits or standing orders across.

Martin has previously 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 switching banks, visit Money Saving Expert.

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