People could be getting huge payouts in time for Christmas by ‘bribing’ their banks, Martin Lewis has said.
The money-saving expert has shared how everyone could be getting up to £400 of free cash, describing it as the ‘perfect’ time to make one simple banking move.
The tip is ‘well worth doing’ for anyone looking to have extra cash in their pockets by December, as Christmas sees people spending more, he said.
Lewis suggested exercising a ‘legal bribe’ with banks and switching accounts as soon as possible.
There are seven banks ‘willing to pay people free money in order to switch’, he told listeners on his Martin Lewis Podcast.
‘And the biggest payer pays £400 for your custom,’ he added.
That means there’s plenty of choice for people to pick and choose who they decide to switch bank accounts with, as banks begin offering incentives to entice new customers.
He added that switching bank accounts today would be the ‘perfect sweet spot’ to see your money coming into your account before Christmas.
‘Christmas is coming, where people need the money,’ he said.
‘But if you were to switch right now and you were to go with all of these banks, the payout would be in time for the big day.
‘I mean, if you did it today [October 18], then you should get the money at the very latest by about December 9.
‘What I would say to people is, unless you’re so deliriously happy with your bank because it gives you a nice massage every single time you deal with it, have a look at whether you can be paid or not.’
Currently, Barclays are offering the highest payout of £400 fee upfront cash and the perks of its Blue Rewards as standard, according to the Money Saving Expert website.
The £400 is only available for those who switch to the Premier Current Account via the Barclays app before November 27.
The next best is TSB, which is currently offering £150 cash upfront, plus up to £210 in monthly stackable cashback offers.
Alastair Douglas, chief executive of TotallyMoney, added: ‘Loyalty doesn’t pay, but moving banks can. Don’t be put off, because the Current Account Switch Service makes things easy for you – automatically transferring your balance, Direct Debits, and regular income.
‘And more than 50 banks and building societies are part of the service, which has switched more than 11 million accounts.
‘To be eligible for most switching offers, you’ll need to transfer at least two active Direct Debits, deposit cash in the first month or so, and use the app. Some banks will ask you to jump through a few more hoops, so read the small print and make a checklist, so you don’t get caught out.’
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