Martin Lewis, the founder of MoneySavingExpert, has highlighted a range of lucrative bank switching offers available this November. These promotions come from several prominent banks, including Barclays, NatWest, and Nationwide, all eager to attract new customers with cash incentives.
Currently, these banks are offering switching bonuses ranging from £175 to £400 to encourage individuals to change their banking arrangements before the festive season. While these offers may seem straightforward, potential switchers should note that some banks require a minimum monthly deposit to qualify for the bonus.
Bank Offers and Conditions
On his ITV program, Lewis emphasized the financial benefits of switching banks, revealing that audience members have collectively earned over £1,000 through these promotions. Notably, he mentioned an exemplary offer from Barclays, which provides a substantial £400 bonus, but only for high earners—specifically those earning over £75,000 annually or holding £100,000 in a Barclays Premier account.
Other enticing deals include:
– £200 from Santander, which comes with a £3 monthly fee but offers 1% cashback on bills.
– £200 from Barclays’ standard account, which has a £5 monthly fee for its Blue Rewards program.
– £200 from Club Lloyds, contingent on a minimum monthly deposit of £2,000.
– £175 from First Direct with a minimum monthly pay-in of £1,000.
– £175 from Nationwide, which is payable by December 6.
For those opting for NatWest, the same £175 incentive is available, with payments made by Boxing Day.
The Switching Process Explained
Lewis further explained that to switch banks, customers must utilize the seven-working-day Switch Service, which practically extends to ten days. This process facilitates the closure of the old account, transfers funds, and moves standing orders and direct debits, although subscription payments will require users to update their card details post-switch.
He also pointed out that individuals can take advantage of multiple switching offers simultaneously. Audience members have shared success stories of earning over £1,000 by frequently switching through what Lewis calls a “mule account,” a spare account set up specifically for this purpose.
Importantly, Lewis reassured viewers that there is no official blacklist for switching banks. However, he cautioned that excessive switching in a short period may impact one’s creditworthiness, particularly for those planning to apply for a mortgage or large loans shortly.
With the festive season approaching, Lewis’s guidance could not be more timely, as many individuals may benefit from the substantial cash offers available this month. For further details on these bank accounts and their respective offers, viewers can refer to the full segment available on ITVX.
