Martin Lewis, Money Saving Expert, helps Britons with a wide range of financial queries, but he also reveals top tips to help people save. This was the case as he unpacked the four leading bank accounts which are currently offering savers a chance to secure extra cash. Martin explained the issue while appearing on his BBC Radio 5Live segment alongside presenter Nihal Arthanayake.
With interest rates currently plummeting, partly due to the Bank of England’s decision to lower its base rate in March 2020, savers will be looking for the best deals.
And, as Martin explained, some banks are now incentivising Britons to move their money to them through cash offers.
The first option on the table for savers is the HSBC Advance account, which is paying out £125 to those who switch, and a £20 Uber Eats voucher - but Britons will have to pay in £1,750 per month.
However, this is an offer with a limited time, as it is only available until May 9, 2021, so savers will need to act fast if they wish to benefit.
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Next on Martin’s list of potentially enticing banks is a sister bank to HSBC called first direct.
He continued: “This pays less - £100 to switch - but its big benefit is that it is always top or very near the top in the customer service tables.
“If you’re looking for decent customer service, it pays to switch, and you also get a zero percent overdraft up to £250 in most cases.”
Savers must deposit £1,000 into this account in the first three months, but there is no minimum pay-in.
A third option is offered by Virgin Money, which slightly differs in what it is offering those who switch.
Martin explained the bank is offering £140 worth of wine to its new customers, through 12 bottles, and will give £50 to a charity of a person’s choice.
A major draw with this account is that it also pays a two percent interest rate on balances up to £1,000.
Finally, Martin highlighted an offer which is drawing to a close in just days time - on Tuesday, May 4 - offered by Halifax.
He added: “If you want it go quick. It’ll give you a free £100, but it can also give you freebies.
“These freebies are £5 a month, or monthly movie tickets, or two monthly online video rentals.
“But to get those, you have to say if you will either spend £500 a month on my debit card, or I will constantly keep £5,000 or more in the account.
“It’s a little bit trickier to get those ongoing rewards, but if you do qualify, you’ve also got to pay in £1,500 a month. It’s not that bad.”
For those who do want to switch their bank account, investigating their options will be particularly important.
This will ensure Britons are getting the deal which is suitable for them and their individual circumstances both now and later down the line.
But what is clear, however, is that it could be particularly advantageous in a number of ways for Britons to switch.
Martin concluded: “Unless your bank account is being good to you and you like it, and you have a reason for being loyal, then you may as well get paid to go elsewhere.
“Certainly, those of you who’ve had bad treatment from your bank account, I’d advise you: ‘Stop b***hing and start switching!’.”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip
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