Featured Image Credit: ITV
Topics: UK News, Martin Lewis, Money
Emma Rosemurgey
Ah, we do love a bit of free money. Especially when it comes off the back of advice from the money saving expert himself, Martin Lewis.
The financial guru is a big advocate for taking advantage of all the offers you can get for simply switching banks, with some offering as much as £400 to swap.
Despite sharing these kind of deals all year round, Lewis has revealed that around about now is the 'sweet spot' for hopping on the deals to get your hands on that extra cash just in time for Christmas. And who doesn't need a few extra pennies around the festive season?
Taking to X, the journalist shared a link to his latest podcast, telling his followers: "This is the sweet spot time for bank switching. So many banks paying and all in time for Christmas."
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On the pod, he explained there are now seven banks offering generous cash incentives for switchers, as well as some pretty decent deals when it comes to savings accounts.
Speaking on The Martin Lewis Podcast, he said: “As there are seven banks, and they’re all winning to bribe you (legally) with free cash, I’m calling it the magnificent seven."
The best and most generous deal on offer sadly only applies to the higher earners among us, which is Barclays' £400 offer to switch to its Premier Current Account. The catch is, you need to earning a pretty beefy annual salary of £75,000 or more.
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According to Lewis, the best deal 'for most people, is TSB's Spend & Save which offers a cash offer of £150, which can be boosted up to £210 if you take advantage of cashback offers exclusive to new switchers.
Meanwhile, Lloyds Bank is offering £200 to anyone who switches to its Club account, which has a number of perks like access to a competitive 6.25 percent interest regular saver and no fees for spending abroad.
The account costs £5 a month unless at least £2,000 is paid in each month, but offers the choice of 12 months' Disney+ (with ads), six cinema tickets, a Coffee Club and Gourmet Society membership, or a subscription to a magazine.
Barclays is offering £200 to anyone who switches to its Blue Rewards Scheme. The account costs £5 a month, requires a minimum of £800 a month to be paid in, but offers a reward of free Apple TV+ and a free Major League Soccer Season Pass subscription.
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First Direct is offering £175 for anyone who switches over to its 1st Account, which offers an impressive 7 percent interest savings account, no fee for overseas spending and a £250 interest free overdraft. Lewis notes this bank always scores high for customer service.
At Nationwide Building Society, switchers can grab a free £175, plus 5 percent interest on up to £1,500, 1 percent cash back for the first year, and a 6.5 percent regular saver.
Meanwhile, at NatWest, you can get your hands on £175, plus £36 a year cashback and a 5.5 percent interest regular saver.
Last but certainly not least, Co-op Bank is offering £100 to switch to its current account, plus £25 a month for three months and a 7 percent interest regular saver.