Martin Lewis says switch to 7% savings account to get £175 payout | Personal Finance | Finance
Finance expert Martin Lewis has shared what he believes is one of the best banking deals at the moment, promising £175 free for switching as well as interest on your savings of seven percent. According to Martin Lewis, we should all consider moving funds to this “top” rated bank in order to get the most out of our money.
In the latest episode of his BBC podcast, Martin recommended opening an account with First Direct – a branch of HSBC.
Not only does joining the bank entitle you to a savings account with an impressive seven percent interest rate, but you will be rewarded with £175 for free.
Martin also told co-host Adrian Chiles that First Direct is one of the best for customer service. “Now, the reason I chose to talk about First Direct is because this week, it is launched its free £175 switching bonus,” he said.
However, he warned this offer is only available to those who have not have an HSBC account for several years.
Martin continued: “So, if you move bank to First Direct and you’ve never been a customer there before and you haven’t been an HSBC customer since I think it’s 2018, you can get £175.
“Now, bank switching deals have been poor in the last couple of months so I’m pleased to see one back first.”
The account also provides zero interest on up to £250 of overdraft. Martin said: “Now most banks overdrafts have 40 percent interest at the moment. They are the danger debt, way worse for most people than the high street credit card.”
He added: “If you do it now, you get “175 pounds in time for Christmas and it’s a top customer service bank.”
How to get your £175
On his website, Money Saving Expert (MSE), Martin explained you will need to open a First Direct account, then, within 45 days: switch over an existing account with two or more direct debits or standing orders, pay in £1,000 or more (you can withdraw it the next day), make five or more debit card payments, and log in at least once to its online/mobile banking.
However, you can’t have had any First Direct account before, be switching from HSBC (its parent bank), nor have opened an HSBC current account after 1 January 2018.
The money will be paid into the account by the 20th of the following month after all these qualifying criteria are complete.
