Published On: Thu, Apr 11th, 2019

Martin Lewis: Money Saving Expert on Natwest switch for £175 free cash

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Money may not grow on trees, but that’s not to say that free cash is completely impossible to come by. In fact, Martin Lewis shared some insight into how to get this money today, during Good Morning Britain. The financial guru explained that the bank NatWest had unveiled its latest free cash bonus switch deal. Now, the bank will pay switchers to most of its accounts a huge £125 simply for switching.

And, should they stay with the bank until June 2020, customers will scoop another £50 too – bringing the total to £175.

But that’s not all, as Martin had another word of advice for viewers interested in this switch.

That’s because there’s one account which, while it does have a £2 per month fee, gives you cash back at a two per cent rate on any household bills you may pay via direct debit.

“The stand out pick of its accounts though is the Reward Account, which for £2 per month fee you get two per cent cashback on household bills you pay from it via direct debit (energy, mobile, council tax, water etc),” he said.

“On average bills it’s worth £60 per year after the fee – though some with higher bills can earn £100+ per year. So all-in with the free cash you could bag over £250.”

For those who don’t want to pay a fee, there is an alternative option.

The NatWest Select Account is fee-free, and will also see customers who switch to it get the deal.

There are some conditions which you must meet in order to qualify.

Martin explained that the request to switch must have been made by June 7 this year.

What’s more, you must also pay in £1,500 or more, and log into the account online by July 12, and then use your debit card at least once per month.

“For the two per cent cashback, you must pay £1,500 or more every month. That’s just a way of making you pay your salary into this account – it’d need to be £21,500 or more per year,” Martin added.

While some may feel uneasy about making the move to a totally different bank account, Martin assured viewers that switching accounts is actually very easy.

“Within seven days your old account is closed, any direct debits and standing orders are moved across and any payments going to your old account is auto-forwarded to your new one,” he said.

The Money Saving Expert also pointed out that when opening a bank account, you will be credit scored.

Earlier this week, Martin issued a stark warning for those who have a store card or credit card.

For more information on bank switch bonus accounts, visit Martin’s ‘Martin’s Top Pick Bank Accounts’ guide.

Good Morning Britain airs weekdays on ITV from 6am.

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