Martin Lewis has given the exact dates bank switchers will get cash for Christmas (Image: ITVX)
Money expert Martin Lewis says customers of four major high street banks can get cash in time for Christmas as he revealed the exact dates you will get the money.
Five high street banks including , and are paying out free cash to get people to switch their current account right now, but only four of them will give you the money in time for Christmas, Martin Lewis revealed.
Speaking on his The Money Show Live, Martin heard from a woman who had been with her bank for 42 years.
He cautioned that it’s rarely worth it financially to show that kind of loyalty to your bank and instead, urged viewers to grab ‘free cash in time for Christmas’ by switching instead.
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Martin said: “Loyalty can pay in many things; in relationships, in love and all of that, but when it comes to financial services products you need to make them pay for your loyalty and if you’ve been with them 42 years I doubt they are.
“If you love your bank and it gives you great customer service and great facilities and it will massage your shoulders whenever you’re feeling a bit tired then stick with it. I wouldn’t tell you to leave.
“If not, then so many banks are willing to pay you that it is a good idea to do. And I’d absolutely look at it. It is so easy.
“I always do this this time of year because it’s a good way to make free cash and get it in time for Christmas.
“These are newbies free cash switch bonuses all of which unless I said are fee-free bank accounts.
“There are five banks willing to pay newbies to switch to them, all of which are giving at least £150 worth of cash.”
Currently, banks First Direct, Club Lloyds, NatWest and Nationwide are all offering cash payments of between £150 and £200 in time for Christmas.
Those making the switch will have all their direct debits and standing orders transferred automatically within 7 days thanks to the automatic bank switching service which all major banks have signed up to.
Natwest is giving customers £180 up front plus £36 a year cashback on top, Club Lloyds pays £200, but you need to pay in £2,000 a month, which is high, First Direct gives £175 with a linked 7 percent savings account and Nationwide offers £175 with a 6.5 percent regular saver linked to it.
Santander Edge gives customers £150 but it won’t arrive in time for Christmas.
Martin added: “When will you get the free cash [from your bank]?
“I have calculated this. If you switch tomorrow and fulfil all the criteria as quickly as you can do, what is the date they guarantee to give you the money by?”
Martin showed a graphic which confirmed the payment dates: For Nationwide it’s December 8, for First Direct it’s December 20, for Club Lloyds it’s December 4, for NatWest it’s December 6, but for Santander it’s February 19.
“As you can see, these four will all get it you in time for Christmas, with Santander Edge you would have to wait, you wouldn’t get it in time for Christmas.”