Martin Lewis educates Britons on how to acquire “free money” from banks if they act quickly.
MARTIN LEWIS returned on the small screen today, advising Britons on how they might be able to obtain “free money.”
Martin Lewis, Money Saving Expert, is well-known for providing the most up-to-date financial advice, and today was no exception. On ITV’s This Morning, he talked about how savers may easily earn “free cash” by following a few simple procedures with their bank. Because interest rates are so low, many savers are losing interest.
However, there may be opportunities for people to be incentivised to save, and as a result, they may profit.
Martin outlined the existing options for assistance in this area.
“Right present, a slew of banks are eager to pay new consumers to switch to them,” he stated.
“My suspicions are that many of these will not be there for a long time, and most of the time my suspicions are correct.
“So, unless your bank is making you extremely happy, why not ditch, switch, and take the cash?” says the author.
This incentive is offered by a number of institutions, although HSBC is the largest cash payer.
Martin said that anyone who switch to the bank will receive a free £125, however this is only for new customers.
The promotion is valid for HSBC Advance Accounts and will expire on July 26, 2021.
To be eligible, Britons must pay £1,750 per month or £10,500 over six months, as well as be accepted for a $1,000 planned overdraft.
Savers must also use the Current Account Switch Service, which HSBC describes as “easy, trustworthy, and stress-free.”
Another alternative is to switch to HSBC’s sibling bank First Direct, which is now providing new switchers a £100 bonus.
“It also has a £50 zero percent overdraft for most people,” Martin continued.
“And it consistently ranks first or second in customer service polls, with the vast majority of consumers stating that the service is excellent.
“If you want good service and a good deal, it is the sweet spot.”
There is also a third “free cash” option accessible to Britons, but this may be more appealing to individuals who aren’t fond of extra cash and prefer a different incentive.
Martin highlighted that Virgin Money is giving new switchers £150 worth of experience coupons to spend through Virgin Experience Days.