A wide range of banks, like Santander, offer new customers financial incentives to switch to their checking account products. During Mr Lewis’s on-air appearance earlier today, savers called and sent their questions to the personal finance guru, with a woman explaining how she made £ 1,000 switching bank accounts. The host of The Martin Lewis Money Show explained to Radio 5 Live listeners how bank switching works in practice.
“To me that means if you’re not overly happy with your current bank account, I say, ‘Carpe pay em’! Enter the payment!
However, Mr Lewis cautioned would-be account changers against listening too much to the “horror stories” of people who have changed banks in the past, instead of considering the benefits.
He added: “I know some people are horrified to switch banks because they have heard scary stories.
“But I would go see whoever has this scary story and ask them when did they change. I guess most will be over eight years old, when the seven-day switching system kicked in.
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“This means that the change bank service is now closing your old bank account for you.
“It automatically moves all of your direct debits or standing orders and any payments that are incorrectly transferred to your old bank account number are also automatically transferred. “
Ultimately, the financial expert believes that savers should seriously consider switching banks to earn extra money if they are not 100% committed to their checking account.
Mr Lewis said: “You can be happy with your bank. You can have some really good terms there, in which case stick to it, and in fact banks tend to do customer service reviews very well.
“But, unless it gives you a back massage and says hello, unless it makes you madly happy, because so many people are willing to pay you in hard cash to move to their place, it’s by considering changing. “
Specifically, the financial reporter shed light on Santander’s bank account change deal, which gives new customers an additional £ 130 financial boost.
In order to get this cash seizure, savers will need to apply for one of Santander’s current accounts.
The accounts that are part of the transaction include the bank’s current account 1 | 2 | 3, the current account 1 | 2 | 3 Lite, the daily current account, the selected current account and the private current account.
After completing the online application, customers will need to choose the option of switching to one of these accounts from a checking account they hold elsewhere.
This offer is eligible for new and existing customers, but current Santander account holders will still need to set up two direct debits and deposit £ 1,000 into their new account.
In addition to this, existing customers who do not have a checking account at another bank are not eligible for the £ 130 refund offer as it is an incentive offer specifically for new customers. .
Speaking on the radio, Mr Lewis took this matter further for a listener who was inquiring about their eligibility.
He added: “If you haven’t had an incentive to change before and you don’t move an account other than Santander, you can get it.
“But if you’re planning to go from your Santander 1 | 2 | 3 to 1 | 2 | 3 Lite, you won’t get the incentive to change. “
When the pandemic exits, savers will have a number of banks to choose from when debating whether to switch accounts.