Martin Lewis Shares Three Steps That Will Bring You £525 in ‘Free Cash’

After a dry period of attractive ‘big cash’ incentives, the big retail banks are now stepping up their efforts to attract new customers with a variety of tempting current account switching offers. Finance expert Martin Lewis has highlighted three top deals that could give your wallet a welcome boost.

On his popular podcast Martin Lewis, the money-saving expert celebrated the return of generous cash incentives for newcomers, pointing out that three leading banks are currently offering a carrot of £175 in free cash for those who switch. To pocket this tidy sum, all you have to do is transfer some funds to your new account.

Fresh from Good Morning Britain, where he grilled Labor and Tory politicians on economic policy, Martin Lewis kicked off his podcast with palpable enthusiasm, exclaiming: “It’s my pre-election budget donation, yes i give you. free cash – bank exchange bribery is back.”

And it doesn’t stop at one bank – savvy customers can collect a total of £525 from different banks. Mr Lewis added: “So you can get £175 free from three different banks and some of you can do it more than once.”

Consumers got a positive boost when Martin Lewis described the big banks’ latest switching incentives as “legal bribes” for new customers. He explained: “The three I’m going to highlight first set you back £175, so if you fancy a little extra cash, why not take it from your bank?”, reports the Mirror.

To take advantage of these offers you need to be a new customer and need to transfer some money and direct debits, but then the funds are yours. There are currently three banks offering a £175 bonus alongside many other features and requirements attractive to customers. Astute changers could easily rack up £525 simply by mixing funds.

Martin Lewis hails Santander’s ‘Edge’ account as the best choice of the trio. The account offers an attractive interest rate on savings of up to £4,000 on top of £175 in cash – although people should choose based on their unique circumstances.

Santander Edge

£175 bonus, cashback and 7% interest on savings.

As well as free cash, the ‘Edge’ account boasts a high savings interest rate, ensuring users can earn 1% of their spending on bills, food and petrol back as £20 monthly cashback. To take advantage of this offer, individuals will need to deposit at least £1,500 in the first three months and maintain a flow of around £500 through the account each month as Santander works to attract additional account customers current.

Martin Lewis highlighted a cashback offer where customers could “earn around £275 in a year” just by using the account. With high-interest savings included, earnings could escalate further.

In addition, the card has no exchange rate, ideal for traveling abroad.

First direct account

£175 bonus, free overdraft, high interest

First Direct is also offering a £175 bonus to those customers who decide to switch accounts. It is similar to Santander’s offers.

Apart from the free money and 7% interest on savings, the bank offers a free overdraft facility of up to £250. This could be particularly beneficial for those stuck in overdraft, helping them navigate to pay without incurring substantial additional fees.

To take advantage of these offers, First Direct says customers need to deposit £1,000 into their account within the first 30 days. This capital can then be withdrawn along with five debit card uses. The money-saving expert said: “If you occasionally go into overdraft, you could use the free £175 to clear your overdraft and if you have any left over, the rest will be at 0 per cent.”

Lloyds Club

£175 bonus, free Disney+, 6.2% interest.

Club Lloyds also offers a variety of tempting freebies, including a Disney + membership and a larger amount that can be saved in their high-interest account. A monthly deposit of £2,000 is required to claim this extra cash and other freebies, otherwise there is a £3 fee. Three direct debits must also be transferred.

Martin Lewis said: “And a regular 6.25% saver, you can put a bit more money into this than First Direct, even though the rate is lower, so the total interest will be higher.”