Martin Lewis shares how savers can get an extra £175 before Christmas
Lewis advised Britons not to delay as the switch could be beneficial
PA
Martin Lewis has shared a lucrative opportunity for Britons to pocket £175 in free cash just in time for Christmas.
Speaking on his BBC podcast, Lewis highlighted a new bank switching offer from first direct, which he described as a welcome return after months of poor deals in the market.
Lewis said: "So, if you move bank to first direct, and you've never been a customer there before, and you haven't been with HSBC, you're not moving from HSBC, and you haven't been an HSBC customer since I think it's 2018, you can get £175."
The offer, which has been reinstated for the third time this year, is available to new First Direct customers who switch their everyday banking to the bank's 1st Account.
To qualify for the £175 bonus, customers must open a First Direct 1st Account and complete the full Current Account Switch Service (CASS) process.
Within 45 days of opening the account, they must also pay £1,000 into the account and login to the app or online.
First direct is also offering an account paying seven per cent interest
PAPlus, they will need to switch at least two regular payments and use the debit card five times.
Once they've done all this, the bonus will be credited to their account within 28 days.
Lewis emphasised the timeliness of the offer and said: "If you do it now, you get £175 pounds in time for Christmas and it's a top customer service bank."
While no specific end date has been announced for the promotion, Lewis advised Britons not to delay as the switch could be beneficial.
The offer is not available to those who have held a First Direct product before or opened an HSBC current account on or after January 1, 2018. First Direct reserves the right to withdraw the offer at any time.
The bank has consistently ranked highly in customer service polls, with a recent score of 91 per cent 'great'.
"First Direct's been top or near-top of every bank service poll we've ever run," Lewis noted, underscoring the overall quality of the bank's offering beyond just the switching incentive.
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A standout feature of their account is the zero per cent overdraft up to £250, which Lewis emphasised as particularly valuable.
He continued: "Now most banks overdrafts have 40 per cent interest at the moment. They are the danger debt, way worse for most people than the high street credit card."
Additionally, First Direct offers a seven per cent regular savings account for up to £300 monthly deposits.
The account also provides advantageous overseas spending rates with its debit card.
Customers of other major banks such as Nationwide, Santander, Barclays, NatWest, TSB, and Lloyds are eligible to apply.
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