Martin Lewis is a financial expert who goes by the stage name of Money Saving Expert.
He regularly appears on television to give financial advice to Britons, and today appeared on This Morning.
Talking to Holly and Philip, Martin revealed how people can get £200 in free money, just be switching bank accounts.
“Free cash from banks is back – after a barren summer – banks are again fighting to be the one who pays the most to get your custom, up to £200 is possible,” revealed Martin.
Talking on the ITV show, Martin said: “I get more complaints about banks than any other sector apart from energy, yet people loyally stick with the perpetrators for years.
“So stop b**ching and start switching. And even if the service you get is decent, do check out whether you could get the same or better service elsewhere and have cash in your pocket.’
The Money Saving Expert then went onto reveal the best bank accounts for Britons to get free cash. Coming in at number one was HSBC, who are giving away £200 (£150 upfront, £50 if you stay) plus five per cent fixed savings) just for switching.
“It also lets you save up to £250 per month in its linked five per cent fixed regular savings account,” revealed Martin.
“You need to pay in a relatively large £1,750 per month (equivalent to £25,900 salary).”
Next on Martin’s list was NatWest, who are offering a free £125 plus two per cent cashback on bills.
“Switch to most NatWest current accounts and you’ll get a free £125; among those is the NatWest Reward account where for £2/month fee you get an ongoing 2 per cent cashback on the household bills you pay via direct debit from it, including council tax, water, gas and electricity, digital TV and broadband.
“Those with average bills will make £66/yr in cashback after the fee, or £135/yr with higher bills – which can beat HSBC above. You need to pay in min £1,500/month (£21,500/yr salary).”
Offering free gadgets is First Direct, and switchers can choose a free gift from a choice of gadgets.
This includes a £170 Bose headphones or £120 Fitbit, online courses (e.g. yoga/beer brewing) or a £150 Expedia voucher. Plus it wins customer service polls done by Martin, with 89 per cent of customers rating the bank as great.
Finally, M&S Bank offers £125 in M&S vouchers just for switching. “Plus if you can pay in £1,250/month (equal to £17,080/year salary) and keep a minimum of four active direct debits you can earn an additional £5/month voucher for a year – so that’s max £185.
“You can also save up to £250 a month in its five per cent fixed regular savings,” said Martin.
Reassuring Britons about the ease of switching bank accounts, Martin added: “If people tell you their bank switching nightmares, ask when they did it.
“We’ve had the switching guarantee in place for just over five years now and it’s made things far easier. In my last poll 76 per cent of you said switching was hassle-free and easy.”
Last week, Martin appeared on Good Morning Britain to reveal to Britons the best credit card deals to help clear debts.
