Martin Lewis says bank customers can get free £210 | Personal Finance | Finance

Money expert Martin Lewis is urging bank customers to get a free £210 for switching banks – but they must act before 12pm on Wednesday.

In his latest Money Saving Expert newsletter, Martin Lewis pointed to a bank switching bonus that’s set to expire in less than 24 hours from now.

First Direct – which has consistently been rated as one of the best banks for customer service – is now offering a free £210 for customers who switch from another bank.

It will give £175 cash up front as a switch bonus, plus £35 of supermarket vouchers to spend at Tesco, Morrisons, Sainsbury’s, Asda and other major grocery retailers if you switch through MSE.

While the £175 switch bonus will still be offered after midday on Wednesday, May 13, the extra £35 will no longer be available after that cut off.

The bank will also offer a 7% regular saver, a 0% overdraft and a top debit card for overseas spending.

In order to qualify for the bonus, you must pay in a total of £1,000 within 45 days of opening, but there is no ongoing minimum amount thereafter.

The £175 is paid by the 20th of the following month, which would be June 20.

If you already have or had recently had a First Direct (or HSBC) account, you could instead opt for another big name bank switch. Santander Edge is offering a free £210 as well, including £180 up front cash and another £30 Amazon voucher if opened via MSE.

Barclays is also offering £200, with 5% cashback on fuel and an option to take out half price Apple TV, while Natwest is offering £200 up front plus up to £36 a year cashback.

Switching is easy and automatic, says MSE.

It reports: “Switching’s usually quick and easy. To get the free cash (usually paid within three months), you need to use the bank’s seven-working-day switch service (so roughly 10 real days). This closes your old account and moves all your money, Direct Debits and standing orders for you. All payments to the old account are auto-forwarded. You’ll need to pass a not-too-harsh credit check.

“Direct Debits and standing orders are moved for you. Yet the third category of regular payments, known as recurring payments e.g. Netflix, Disney+ etc, where you give the long number on your debit card when you pay, aren’t moved; you need do this yourself. If you do forget, though, normally they’ll notify you ‘your payment card no longer works’ so it shouldn’t be too big an issue.”