The banks are offering big switching bonuses (Image: Getty)
Martin Lewis has shared how people can get their hands on up to £200 in free cash in the coming weeks and months. The Money Saving Expert founder discussed how to go about this on the Martin Lewis Money Show Live Christmas Special, which aired earlier this week.
Martin explained that NatWest, Lloyds, First Direct, Nationwide, and Santander are luring new clients with juicy incentives ranging from £150 to £200, with four of these banks promising a cash injection before Christmas Day.
Speaking to both his studio audience and viewers at home, Martin said “loyalty can pay many things – in relationships, in love, in all of that – but when it comes to financial services products, you need to make them pay for your loyalty.”
He assured that making the move is “very simple” and boils down to whether customers are happy with their current bank’s service and what it offers. Martin explained the ease of switching banks through the Current Account Switch Service (CASS), which guarantees a smooth transfer of payments within seven working days.
The deals from the banks all stipulate the use of CASS as part of their conditions. A graphic displayed during the show broke down all the promotions, including additional perks, eligibility requirements, and importantly, the dates for receiving the payouts.
For those seeking more details, provides a comprehensive rundown of the offers, as reported by the .
Martin added: “I always do this at this time of year because it’s a good way to make free cash and get it in time for Christmas.”
Explaining the process, he continued: “To switch, you need to use the banks at seven working day switching service (CASS), which will close your old account for you. It will auto-forward any payments to that old account, and it will move across any direct debit and standing orders.”
However, he warned that recurring payments, which use the long number on the debit card, are not included and must be switched over manually. Martin highlighted that five banks are currently offering a cash incentive: NatWest Reward account (£180), Club Lloyds (£200), First Direct 1st account (£175), Nationwide FlexDirect (£175), and Santander Edge (£150).
When the five banks will pay out free cash
Santander Edge, £150
- Payout – February 18
First Direct 1st account, £175
- Payout – December 20
Nationwide FlexDirect, ££175
- Payout – December 7
NatWest Reward account, £180
- Payout – December 4
Club Lloyds, £200
- Payout – December 5
The Martin Lewis Money Show Live Christmas special is available to watch on ITVX