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Martin Lewis shared How Britons can secure a much-needed fiscal boost of up to £400 in time Christmas,
now there are seven banks Offering cash incentives for account switchers, as well as a number of other perks like cashback and higher interest rates.
This time of year is the “sweet spot” for bank switching, Mr. Lewis saidIf savers act now the latest payment will be due in early December.
speaking on bbc Martin Lewis PodcastMoney Guru said: “Since there are seven banks, and they are all winning at bribing you with (legally) free cash, I’m calling it the Magnificent Seven.”
The best offer on the market at present is only available to high earners, as Barclays offers £400 to switch to its Premier Current. AccountWhich requires a salary of £75,000.
However, there are many others that most others saver Can take advantage of current market situation. Here’s an overview of the switching deals currently available:
TSB spend and save – up to £210
Mr Lewis offered a cash advance of £150, saying it was the best deal “for most people”. However, this can be increased to £210 if the special cashback offer for new switchers is taken advantage of.
It can cost a maximum of £10 per month for three months, and then £5 per month for six months, rising to £60 if fully used. This can be qualified by making 20 or more debit card payments each month.
The account also offers access to a Regular Saver, which offers 5 per cent interest on up to £250 per month fixed for 12 months. This equates to a maximum interest of £71.
Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
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Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
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Club Lloyds – £200
Lloyds is offering £200 for switching to your club account. The deal gives regular savers access to a competitive 6.25 per cent interest and allows duty-free overseas spending.
The account also offers an annual reward, allowing holders to choose between 12 months of Disney+ (with ads), six cinema tickets, a Coffee Club and Gourmet Society membership, or a magazine subscription. This costs £5 per month unless at least £2,000 is paid in per month.
Barclays Bank Account – £200
Barclays is offering £200 per month to new switchers who join its Blue Rewards scheme. It costs £5 per month and requires a minimum repayment of £800 per month.
For this fee, account holders receive a free Apple TV+ subscription (normally £9.99 per month) and a free Major League Soccer Season Pass subscription (normally £14.99 per month).
However, if savers do not want to pay the monthly fee they can exit the scheme after receiving the cash.
First Direct First Account – £175
Digital bank First Direct is offering new switchers £175, access to a robust 7 per cent interest savings account, fee-free overseas spending and a £250 overdraft at zero per cent. The bank is also regularly credited for its strong customer service.
Nationwide FlexDirect – £175
The building society is offering switchers nationwide a free £175, plus 5 per cent interest up to £1,500, 1 per cent cashback for the first 12 months and 6.5 per cent regular savings.
NatWest Rewards – up to £211
NatWest is offering a £175 switching bonus, plus £36 per year cashback, for a total package worth £211. This 5.5 percent interest also comes with regular savings.
Co-operative Bank Current Account – up to £175
The Co-op is offering £100 to switch, plus regular savings of £25 per month for three months and 7 per cent interest.