Martin Lewis’ money-saving expert reveals how to get £175 free money – but you’ll have to be quick
A BIG high street bank is offering customers free money to switch checking accounts, but the deal ends tomorrow.
The Money saving expert himself revealed how you can get £175 just by switching your current account.
In his weekly newsletter, Martin Lewis that the case where NatWest is giving customers £175 if they switch to one of its current accounts ends tomorrow at 5pm (November 3).
To be eligible for payment, customers must make the change using the Current Account Switch Service (CASS).
New and existing NatWest customers will also be able to pocket £36 a year in cashback.
NatWest Reward current accounts give those who trade £175 in cash and £5 a month in cash backbut the account comes with a fee of £2 per month, so it’s really £3/month.
You will not be eligible for change bonus if you opened a new NatWest account since October 2017.
You also cannot have changed money from NatWest, RBS or Ulster Bank since October 2017.
You will only receive the money if you switch from a non-NatWest account to NatWest.
For example, it is possible to get the bonus if you switch from a Nationwide account to NatWest.
It only takes seven business days to process under CASSand you won’t have to lift a finger.
Martin points out that there are some options that offer you more money or better terms.
Below we explain exactly how you can claim this offer and the other switch programs available.
How to claim this offer
You can apply online or via the mobile application to switch current accounts.
You have until tomorrow at 5 p.m. to get the free money.
You need to make sure you deposit £1,250 into your account once it’s open and you log into the NatWest mobile banking app by December 16.
Once you’re done, NatWest will pay you the £175 by December 23.
See the NatWest website for more information.
How to change bank account?
Changing bank accounts is easy using the Current Account Switching Service (CASS).
You don’t have to remember to move direct debits or paychecks when moving because it does it for you.
All you have to do is apply for the new account you want and the new bank will notify your existing provider that you are moving.
However, there are steps you can take before you switch, such as choosing your switch date or arranging for your old bank statements to be transferred to your new account.
To obtain your old statements, you must contact your bank.
This service is only available to switch current accounts. Any other products you have with your old bank will not be moved at the same time.
Over 40 UK banks and building societies have signed up for the current account switching service.
What do other banks offer?
New customers must switch from a non-domestic checking account to a FlexDirect account and ensure they have two active direct debits to get the free money.
The money will then be transferred to the new account within 10 days.
National FlexDirect customers will also benefit from 5% interest for one year on balances up to £1,500 and some will even be able to benefit from a 12 month interest free overdraft.
To qualify for the interest rate advantage, customers will need to deposit £1,000 into their FlexDirect account each month.
Direct premiere pays new customers £175 free cash via 1st account.
You need to deposit £1,000 when you open, but there’s no minimum amount per month you need to pay to get the money.
Customers should expect to receive the free money within 28 days.
First Direct is also offering new customers an interest-free arranged overdraft on any balance up to £250.
But remember that an interest-free overdraft should only be used for emergencies or to tide you over for an expensive month.
The RBS Award current accounts give those who trade £175 in cash and £3 a month in cashback.
Lloyds Bank offers new Club Lloyds account holders £150 free cash within 10 days of account opening.
To qualify for the free money and the account, customers must deposit £1,500 into the account every month or pay £3 per month.