2 weeks Ago By [email protected] (Ruby Flanagan)
Martin Lewis has urged people to take advantage of a new bank switching offer which has just hit the market - and customers could get the cash "in time for Christmas ". Last week First Direct brought back its popular £175 switching incentive for new customers who switch their everyday banking to its current account. HSBC's sister bank - which has around 1.
5million customers - has pulled and then brought back the offer twice since the start of the year. Speaking on his BBC podcast, Martin said he wanted to flag the new offer as switching deals have been "poor" over the last couple of months, adding: "So I'm pleased to see one back." To get the free cash, you need to close and switch your current account using the Current Account Switch Service (CASS).
This is a free service which will move your balance, direct debits, and salary over to the new bank within seven days. With First Direct, you must also pay at least £1,000 and open two direct debits or standing orders from the account within 45 days of opening it - it must be from a provider that takes part in CASS. You must also register and log onto digital banking, within 45 days of the account opening and spend on your debit card five times.
After the criteria have been met, you can expect to receive the bonus by the 20th of the following month. On his Money Saving Expert (MSE) website, Martin has previously praised the bank's offering as being one of the best on the market. He explained: "First direct's been top or near-top of every bank service poll we've ever run – most recently it scored 91% 'great'.
" The account also provides zero interest on up to £250 of overdraft, which Martin has highlighted as particularly beneficial. He added: "Now most banks overdrafts have 40% interest at the moment. They are the danger debt, way worse for most people than the high street credit card.
" On the podcast, Martin noted that if you took advantage of the offer now, you could get the £175 incentive by Christmas. He said: "If you do it now, you get £175 pounds in time for Christmas and it's a top customer service bank.".
