Martin Lewis’ MSE says two banks are offering £175 | European Markets

Finance consultants have revealed two “easy” bank switches that might earn you a whole of £350 free money. Not solely do these offers offer money for shifting over however can present a quantity of different tempting advantages comparable to 0% curiosity overdrafts.

Client web site Cash Saving Professional (MSE), based by Martin Lewis, defined the offers in an replace. Extra particularly, every change might pay out £175.

MSE mentioned: “Switching to a new present account is fast, simple and might earn you up to £175 in free money.

“Yet you can get plenty of perks without switching bank account, including one percent cashback on spending or bills and decent savings interest.”

It added: “Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them.

“Basically, banks need your customized and change ‘bribes’ are a double win for banks – you not solely be part of them, however you allow one of their rivals.”

The primary bank change really helpful by MSE is to a First Direct 1st Account. In response to consultants that is “top for service” and a good “all rounder”. MSE mentioned: “First Direct’s been top or near-top of every bank service poll we’ve ever run – most recently it scored 91% ‘great’.

“Plus, newbies to First Direct’s 1st Account can expect £175 to switch, a £250 0% overdraft (subject to a credit check), a linked regular saver paying 7% fixed for a year on up to £300 a month (maxed out that’s £137 in interest) and near-perfect rates when spending overseas. Put all this together and it’s a top all-round account.”

To get the bonus:

• You’ll be able to’t have ever had any account with First Direct
• You’ll be able to’t have opened an HSBC present account since January 2018
• Open the account in-app (online for joint accounts)
• Change in an account from a totally different bank together with two or more direct debits or standing orders within 45 days
• Pay in £1,000 or more and make 5 or more debit card funds within 45 days.

The £175 can be paid by the twentieth of the next month after you meet the change bonus standards.

The subsequent bank change account really helpful by MSE is the Nationwide FlexDirect. This additionally affords £175 for switching.

MSE mentioned: “Nationwide is offering a host of perks to newbies switching to its FlexDirect account. On top of the £175 free cash, there’s 5% AER interest on current account balances up to £1,500 for a year (maxed out that’s £75), 1% cashback for 12 months up to £5 a month, plus a 0% overdraft on up to £50.

“You also get access to a linked regular saver paying 6.5% variable interest for a year on up to £200/mth (max £85/year interest).”

To get the bonus:

• You’ll be able to’t have switched into a Nationwide account, or have obtained change money from Nationwide, since August 18, 2021
• Open the account online or by way of app (or change into an present FlexDirect account, although you will not get curiosity or cashback)
• Change an account from a totally different bank, together with two or more direct debits, within 28 days
• Inside 31 days of requesting the change, pay in £1,000 or more and make at the least one cost utilizing the debit card.

The £175 can be paid within 10 days of assembly all the standards.