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Just hours left to get £200 free cash as deadline to switch banks looms – check how to avoid missing out

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FINANCIAL experts are encouraging Brits to cash in on a £200 bank-switch bonus with deadline day looming.

Martin Lewis’ MoneySavingExpert has listed the top option for a move as rival banks battle to poach customers.

Alamy
First Direct has been named as the first option for those keen on a switch[/caption]
Martin Lewis’ Money Saving Expert reveals why it’s one of the best offers out
PA

Brits looking for the best bank swap should jump on the First Direct offer, it’s advised.

First Direct has been tabling £175 free cash to switch to their services and now it’s thrown a £25 Amazon voucher on top with this special link.

If the offer fits your financial needs you’ll have to be quick, with the extra £25 deal ending Monday and the initial £175 expected to taken off the table not long after.

Anyone who switches gets a regular saver account paying 7 per cent interest, although that’s only up to £300 a month.

That’s still potential to make an extra £136 a year on your savings, however.

The debit card is fee-free for spending overseas and ATM withdrawals.

But like any good offer, there are restrictions over who can claim it.

You can’t have ever been a First Direct customer – that includes current accounts, credit cards and mortgages.

You also can’t have been a current account customer with HSBC – First Direct’s parent – since January 2018.

To snare the bonus you’ll need to open an account in the app, switch over your account from your existing bank and include at least two direct debits.

Then you’ll have 30 days to pay at least £1,000 in, use your new debit card at five or more times and log in to online banking.

You’ll get £175 by the 20th of the next month, plus the Amazon voucher within 90 days of opening the account, if you used the special link.

It’s always advised to check if the bank offer is right for your unique circumstances before committing.

First Direct isn’t the only bank involved the switch wars.

Barclays are offering £175 free cash, alongside a free Apple TV+ subscription – normally worth £8.99 a month – a Major League Soccer stream and a 5.12% regular savings account you can put up to £5,000 in.

To get all this, you must join Barclays’ Blue Rewards scheme.

This costs £5/month and requires you to pay in £800 or more per month plus register for digital banking.

Until September it also gives £5/month cashback – which essentially waives the fee for a couple of months.

To get the £175 offer, you have to switch your current account across to a sole account via Barclays’ app, including two direct debits.

Meanwhile Club Lloyds are offering £175 free cash with an additional reward each year for switching.

You can choose from 12 months’ Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.

There will be a £3 per month fee unless you pay in more than £2000 a month.

How do I switch bank accounts?

SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.

Under the switching service, swapping banks should take seven working days.

You don’t have to remember to move direct debits across when moving, as this is done for you.

All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.

There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

You should get in touch with your existing bank for any old statements.

When switching current accounts, consider what other perks might come with joining a specific bank or building society.

Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.

And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.

PA
Cash bonuses can be claimed by following along a criteria[/caption]