Martin Lewis reveals how to get £175 free cash in time for Christmas
MONEY expert Martin Lewis has revealed how to get £175 free cash in time for Christmas.
To claim the free cash, all you need to do is switch from a current account to UK bank First Direct’s 1 Account.
Customers have until November 20 to switch to First Account and claim their bonus.
Even better, Martin says: “It’s always been one of the top accounts for service.”
First Account also includes a £250 interest-free overdraft, plus a 7% linked savings account you can put up to £300 a month in.
If you find yourself splashing into your overdraft a little too regularly, you might find the 0% interest rate with this bank quite tempting.
The money expert recently explained the deal in his popular weekly newsletter from MoneySavingExpert.
Another plus, is that the debit card gives excellent rates when spending abroad.
Am I eligible for the bonus?
- You are eligible to receive the bonus even if you have never owned a First Directs Account before.
- However, you can’t have opened an account with HSBC since January 2018.
How to apply
- Ensure you meet the criteria list:
- Make two direct debits or standing orders within 45 days.
- Add at least £1,000 to the account each month.
- Register and log on to internet banking.
- Use the debit card at least five times within 45 days of opening the account.
- It is useful to know that if you do switch accounts, Direct Debits and standing orders are all moved automatically.
- Plus, it closes your old account.
- On the 20th of the following month, the £175 will appear in your account, provided you have met the criteria.
As always, we recommend doing your own research to figure out what you want from a bank.
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.
It comes after Martin issued an urgent warning to hundreds of thousands of pensioners who are missing out on “superpower” benefit.
Pension Credit gives people who are over the age of 66 and on a low income extra money to help with their living and housing costs.
The money is paid in addition to the state pension.
Up to 2.2 million people are eligible to claim the cash, which also entitles them to a host of other vital perks, including the Winter Fuel Payment.
But around 880,000 people who are eligible don’t claim it.
Speaking on ITV‘s This Morning, Martin said: “If there are any low-income pensioners out there watching, or you know someone that is, we collectively need to go out there and make sure all pensioners on a low-income are checking if they can claim pension credit.”
He went on to say that it essential that those who are entitled to Pension Credit make a claim this year for the “superpower benefit”.
This is because it can unlock other support, including the Winter Fuel Payment.
Claim the Pension Credit if you can
HUNDREDS of thousands of pensioners are missing out on Pension Credit.The Sun's Assistant Consumer Editor Lana Clements explains why it's imperative to apply for the benefit.
Pension Credit is designed to top up the income of the UK’s poorest pensioners.
In itself the payment is a vital lifeline for older people with little income.
It will take weekly income up to to £218.15 if you’re single or joint income to £332.95.
Yet, an estimated 800,000 don’t claim this support. Not only are they missing on this cash, but far more extra support that is unlocked when claiming Pension Credit.
With the winter fuel payment – worth up to £300 now being restricted to pensioners claiming Pension Credit – it’s more important than ever to claim the benefit if you can.
Pension Credit also opens up help with housing costs, council tax or heating bills and even a free TV licence if you are 75 or older.
All this extra support can make a huge difference to the quality of life for a struggling pensioner.
It’s not difficult to apply for Pension Credit, you can do it up to four months before you reach state pension age through the government website or by calling 0800 99 1234.
You’ll just need your National Insurance number, as well as information about income, savings and investments.