Martin Lewis gives advice on switching banks before Christmas
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On the Christmas Special of his ITV show the Money Saving Expert said with only one month left until the big day, Britons could switch bank accounts with many paying the sweetener in time. Eighty one percent of people who have switched banks said it was easy and hassle free.
Martin Lewis is well known for saving the nation money and reminding Britons what simple things they can do to make a bit of extra cash.
In the run up to Christmas he is urging people to consider switching banks and has done the research on the best bank switching offers right now.
While some of them will pay in time for people to make the most of the money this Christmas, others should pay up just after the new year.
And he said that switching is easy and hassle free as long as Britons use Current Account Switching Service.
One of the top offers right now comes from Santander which is offering customers £130 to switch and an extra £20 in Amazon vouchers.
Martin said: “However with this one it doesn’t pay up until mid February.
“People might therefore prefer the Halifax account which is offering £125 to new customers and pays out in December.”
The financial guru also mentioned First Nationwide’s switching offer of £100 paying out in December and First Direct where customers should get their money in January.
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Another option is the NatWest Reward account which adds up to £150 – £100 initially and a further £50 after six months.
Virgin Money might appeal to wine lovers as it is enticing customers with 12 free bottles of wine or £150 in vouchers.
When it comes to bank accounts, there is no one size fits all.
Customers should study the other benefits as some have cashback offers on bills and other added incentives.
Martin asked an audience member if he had ever switched bank account.
He replied that he had switched six times and earned himself just over £600.
He’s not the only one to benefit from taking Martin’s advice – a study by Finder discovered that 61 percent of Brits said they have switched banks at some point in their life.
Out of those switching, 44 percent switch at least once every five years.
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The most common (26 percent) switching period was every three to five years.
Nowadays the Current Account Switch Service should mean that changing banks is hassle free.
When switching, an individual’s new bank will switch all payments and transfer the balance on their behalf.
It’s covered by a guarantee so if anything does go wrong, Britons will get their money back.
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