Martin Lewis’ MSE reveals how couples can get up to £400 in free cash direct to bank account

MARTIN Lewis’ MoneySavingExpert has revealed how couples can get up to £400 in free cash direct to their bank accounts.

Bank switching offers are only around for a limited time and currently couples could bag up to £400.

With inflation pushing up the cost of everything from energy bills to the food shop, it’s a simple way to get some extra cash.

Martin Lewis’ MoneySavingExpert (MSE) has looked at the best switching deals currently available at the moment.

And if you’re in a couple, you could bag double the cash if you both decide to switch, MSE said.

Switching bank account is easier these days than it used to be.

All you need to do is open the new account and let your new bank know you’re switching over.

Give it your old bank details and it will do all the legwork of moving over direct debits and standing orders.

It takes just five minutes to fill in the form – and the switch is usually completed in seven working days using the Current Account Switching Service (CASS).

Watch out though – it’s crucial to read the terms and conditions to check if you’re eligible for the free cash before you sign up.

Some banks won’t give you the money if you’ve been a customer before, while others want you to pay a certain amount each month to qualify.

Here are the best switching deals currently available:

NatWest and Royal Bank of Scotland (RBS)

NatWest and Royal Bank of Scotland (RBS) are giving customers £200 in free cash.

This is the biggest paying deal at the moment – and you could get £400 if you and your partner each have an account that you could switch.

To be eligible, customers have to make the switch by applying online or through the mobile app.

You will also need to deposit £1,250 into the account within 60 days of switching.

The NatWest Reward and RBS Reward current accounts also offer £3 a month in cashback, but the account comes with a £2 a month fee.

If you don’t want to pay £2 a months for the Reward accounts you can open a new NatWest Select or RBS Select account and still get the free cash bonus.

You won’t be eligible for the switching bonus if you received a switching bonus from the banks between October 1, 2017 and February 13, 2023.

First Direct

If you switch to First Direct, you’ll get £175 free cash when you open a First Direct 1st Account and complete the switch within three months.

This means you could get up to £350 if you and your partner make the switch.

You’ll also need to pay £1,000 and you’ll get the cash within 28 days.

The switch will need to be made online or by phone.

It’s important to note though that you won’t get the cash if you switch from HSBC or First Direct.

Halifax

Halifax has launched a new £175 switching incentive to help lure customers in.

So like with First Direct, couples could bag up to £350.

The bank is offering the cash to customers who switch to a Reward Current Account, or Ultimate Reward Current Account, from now to April 4.

The offer is even open to existing customers if they switch an account they hold with another bank and haven’t claimed a bonus before.

Those who open a Halifax Reward Account will also get either £5 cash each month, or a range of benefits including cinema tickets, magazine downloads or movie streaming.

The Reward Current Account has a £3 monthly fee to maintain the account.

You won’t qualify for the offer if you received a cashback from switching to Halifax since April 2020.

Customers can apply to switch either in branch, online or over the phone.

How do I switch bank account?

It’s easy to switch your bank account using the Current Account Switch Service (CASS).

You don’t have to remember to move direct debits over when moving as it does this everything for you.

All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.

There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.

To get your old statements you should get in touch with your bank.

How to find the best bank accounts

With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.

Research websites like MoneyFacts and price comparison websites such as Compare the Market, GoCompare and MoneySupermarket will help save you time and show you the best rates available.

These sites let you tailor your searches to an account type that suits you.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk