Martin Lewis shares how Britons can get ‘free money’ in time for Christmas

Ali KhanNov 05, 2020Business

Martin Lewis, Money Saving Expert, has often provided invaluable advice to many people in the quest to help them understand financial matters better. The expert has been able to improve Britons’ finances in big and small ways, and he did so again this evening. Appearing on ITV on his self-titled Money Show, Martin examined bank account offerings, and explained ways of securing extra cash.

The Money Saving Expert focused on bank account switching offers, which have been brought back by several providers recently.

Amid low rates, incentives all but disappeared, however some are offering ample reason for customers to change their provider.

Martin explained four banks are currently paying customers to switch.

However, for those hoping to secure money ahead of Christmas, there are two providers worth investigating.

Club Lloyds is offering a free £100 to switchers, with the money arriving even earlier – in mid-November.

Martin also explained the account offers a number of freebies such as film downloads or a free magazine subscription, even further incentive to switch.

The Club Lloyds account has a monthly fee of £3 as a standard, however, for those paying in £1,500 or more per month, the fee can be avoided.

However, for those who are hoping to switch, Martin stressed, checking eligibility criteria is key.

This is because the accounts themselves may have certain rules about who can join.

Many people are often concerned about the administrative work of switching their bank account, and so might put off the endeavour.

But according to Martin, this is often an “easy and hassle free” process which involves little hard work.

Britons should always change through the official switching service, which endeavours to do all the hard work for banking customers.

He explained this process allows all direct debits and standing orders to be moved for a person.

In addition, Britons can expect for their old account to be closed automatically to make the process of switching as smooth as possible.

And any payments will be auto-forwarded, meaning customers will not have to reach out to different contacts.

Both banks which Martin mentioned also have Financial Services Compensation Scheme (FSCS) protection, meaning sums of up to £85,000 are protected should the worst happen.

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

Stay connected with us on social media platform for instant update click here to join our ????️????️ T witter, & Facebook