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“They hope you won’t haggle because many people don’t.
“They just auto-renew, which is the great money-saving sin.” How changing banks could get
you £1k Lloyds Bank, Eastgate Street MoneySavingExpert Martin Lewis has also called on
bank customers to re-evaluate their accounts.
The money-saving guru - with a show now on ITV - has recommended they ditch some
popular high street banks.
The calls come in a bid to tell customers they can make more cash elsewhere.
People who regularly switch their bank accounts can get free money just by changing their
account.
And, promisingly, some are getting up to £1000.
The best bank accounts to switch to:
* Firstdirect.com gives £100 to switchers (or £125 via my mse.me/topbanks). There’s also a
linked 5% regular savings account for up to £300/mth and you may get a £250 0% overdraft,
reports the Liverpool Echo.
* Switch to hsbc.co.uk’s Advance account and you get £150 within 50 days and another £50
if you’re with it after a year. Plus there’s a linked 5% regular savings account you can put up
to £250/month in.
* Natwest.com pays a £125 switch bonus on many of its current accounts. The standout
though is its Reward account which, for a £2/month fee, gets you 2% bills cashback on
direct debits for council tax, energy, broadband etc.
* New switchers to bank.marksandspencer.com get a £125 M&S gift card and a 5% regular
savings account they can put up to £250/mth in. Unlike other banks you get this even if you
don’t pay anything in, though put £1,000+/month (equivalent to paying in a £13,000+ salary)
and you also get £5/month added to the gift card for the first year.
How to switch your bank account:
The switching service is largely automated.
When you apply to the new bank, it will undertake its normal account-opening procedures.
It will confirm that it will use the new current account switching service backed by the
Current Account Switch Guarantee.
You'll be asked to provide two separate documents for proof of identity and proof of
address.
Once your new account has been opened, you will need to complete a 'Current Account
Switch Agreement' form and a 'Current Account Switch Service – Account Closure' form.
This is what happens next:
Step 1
You will be able to choose and agree a convenient switch date for you with the new bank or
building society.
It can't be a Saturday, Sunday or bank holiday, and must be at least seven working days
after your account has been opened.
Step 2
Once this has been agreed, your new bank will provide confirmation that the switch has
begun and will be completed on the agreed switch date.
Step 3
You will continue using your old current account up until the agreed switching date. Your
new bank will contact you if there any issues during this period.
Step 4
On the switch date, your new bank will be responsible for moving your incoming and
outgoing payments, and transferring any money to your new account, before closing the old
account and sending confirmation that the process is complete.