Martin Lewis urges UK households to make £200 from simple ‘switch’ | Personal Finance | Finance

The financial expert states that people have made thousands from making the easy change.

Speaking on his podcast Lewis notes that eight banks are paying switching rewards at the moment, making it the perfect time to make the move.

The service used when changing accounts, seven day switching, will automatically close your old account and move your money across.

All direct debits and standing orders will also be moved across automatically.

Payments made to you will also be redirected, although Lewis suggests notifying those who pay you regularly within a year of making the change to ensure they have the correct details recorded.

The only thing that isn’t switched is subscriptions, but you will be notified by these services to switch your card.

Lewis posted on X:”It is time to get a burner bank account to make serious money switching. EIGHT banks are paying £175+ to switchers right now & done right you can do it multiple times (ie make £1,000s)”

He added on his podcast that the change is easy and very few people face difficulty.

He claimed that most of the big names are part of the switching service.

Lewis added that the switch could have a short term effect on your credit worthiness however this will not last long.

He warned Brits not to make the switch three to six months before a mortgage payment or the three months before a balance transfer of a big shift of money.

£200 from First Direct (ends July 15)

£180 from Santander Edge (charges £3 monthly)

£175 from Nationwide Flex Direct

£175 from Bank of Scotland

£500 from HSBC Premier (need to earn over £100k a year)

£250 from Natwest Premier (need to earn over £100k a year)

Many of these bank accounts have further conditions to the switch as well as pros to joining. Brits should check they match all requirements before making the move.

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