Martin Lewis calls on Britons to get free £175 from bank 'in time for Christmas'
Martin Lewis is recommending a very popular bank account deal to Britons
PA
Martin Lewis has urged people to take advantage of first direct's popular banking offer "in time for Christmas".
The deal in question includes includes a free £175 switching bonus and access to a savings account with a seven per cent interest rate.
Speaking on his BBC podcast, he said: "Now, the reason I chose to talk about first direct is because this week, it is launched its free £175 switching bonus.
"Now, bank switching deals have been poor in the last couple of months so I'm pleased to see one back first."
This advice comes as many Britons are looking to maximise their finances ahead of the festive season.
The first direct account offer includes several attractive features. Customers who switch to the bank's 1st Account can receive a £175 bonus, subject to certain conditions.
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first direct is among the banks offering free cash for switchers PAAdditionally, they gain access to a linked regular saver account paying seven per cent fixed interest for a year.
On his website, Lewis has previously praised the bank's offering as being one of the best on the market.
"First direct's been top or near-top of every bank service poll we've ever run – most recently it scored 91 per cent 'great'," he explained.
The account also provides zero interest on up to £250 of overdraft, which Lewis highlighted as particularly beneficial.
"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," Lewis added.
For those considering the switch, Lewis added: "If you do it now, you get £175 pounds in time for Christmas and it's a top customer service bank."
To qualify for the £175 bonus, customers must meet specific criteria within 45 days of opening a first direct account. These include:
- Switching an existing account with two or more direct debits or standing orders
- Depositing at least £1,000 (which can be withdrawn the next day)
- Making five or more debit card payments
- Logging in to online or mobile banking at least once.
However, there are restrictions. The offer is not available to those who have previously held a First Direct account or opened an HSBC current account since 1 January 2018.
Once all criteria are met, the £175 bonus will be paid into the account by the 20th of the following month.
LATEST DEVELOPMENTS:
Savings rates continue to be competitive GETTY It's worth noting that this offer is time-sensitive, making it an attractive option for those looking to switch banks.
For international travellers, the account offers "near-perfect rates when spending overseas," as noted by Money Saving Expert.
However, potential switchers should be aware of certain restrictions. The offer is not available to those who have ever held any First Direct account, including credit cards or mortgages.
Additionally, individuals who have opened an HSBC current account since January 2018 are ineligible.
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