The holiday season can bring with it more than just joy and celebration; it also brings a fair amount of financial pressure. From the never-ending task of gift shopping to managing increased energy bills, higher grocery costs, and the usual barrage of holiday-related expenses, many people struggle to make ends meet as Christmas approaches. The financial strain is especially hard when you’re faced with an early paycheck in December followed by an excruciatingly long wait until your January salary.
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In the midst of all this, there is a way to ease the burden, even if just a little and it’s thanks to money-saving expert Martin Lewis. On the special Christmas edition of The Martin Lewis Money Show, aired on ITV, the renowned financial guru revealed a clever hack that allows Brits to claim up to £200 for free. And the best part? You don’t have to do much other than switch bank accounts.
The clock is ticking, and with less than two weeks to go until Christmas, time is of the essence. So, if you’re looking for a little extra cash to help fund your festive season, here’s how you can claim that £200 before Christmas Day and put a smile on your face when you look at your bank balance.
The Sun
Why This £200 Hack Could Be a Lifesaver for Christmas
Christmas is a time for family, friends, and celebrations but it can also be a time of significant financial strain. Many people feel overwhelmed by the cost of buying presents, paying for meals, covering travel expenses, and heating their homes during the cold winter months. On top of all this, the ongoing cost of living crisis and higher energy bills are making it even harder for people to get through the festive season without stressing about their finances.
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The last few weeks of December can be particularly tough, as the early December pay date feels like a distant memory, and the next payday seems like it’s months away. The financial gap between Christmas and January is long, and it can often feel like there’s no relief in sight.
This is where Martin Lewis comes in. Known for his savvy financial advice, Lewis has a knack for finding easy ways for people to save money or get extra cash. His latest hack is a timely Christmas gift to anyone feeling financially stretched: a simple way to claim £200 by switching your bank account. It’s a straightforward way to get some extra funds without too much effort, and if you’re quick, you can have that money in your account before Christmas Day.
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Lewis revealed this opportunity on the ITV special The Martin Lewis Money Show, aired on November 19th, and encouraged viewers to take advantage of the promotion while it lasts. According to Lewis, several UK banks are offering cash incentives for switching accounts, with rewards ranging from £150 to £200. It’s an easy way to boost your holiday budget if you’re willing to take a few simple steps and act fast.
How to Claim Your £200: The Simple Steps to Follow
So, how does the £200 hack work? The process is surprisingly simple, and it only requires you to switch your bank account to one of the five participating banks. Here’s the rundown of the process:
- Choose a Participating Bank
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There are five banks offering this promotion, each with slightly different terms. The participating banks are:
- NatWest
- First Direct
- Nationwide
- Santander Edge
- Club Lloyds
Each of these banks is offering a cash incentive for people who switch to their current account. The bonus amounts range from £150 to £200, depending on the bank you choose. NatWest, for example, offers £200 for new customers who switch, while other banks may offer slightly less, but the process is the same.
Opt for the Seven-Day Switch Service
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The process of switching banks is made easier by opting for the “seven working-day switch service.” This service, offered by all participating banks, automatically transfers your current account balance, direct debits, and standing orders to your new account. Not only does this make the process easier for you, but it also ensures that your old account is closed properly, without any loose ends.
The seven-day switch service has become increasingly popular because it simplifies the entire process. Instead of spending hours manually transferring your payments and figuring out how to close your old account, the bank does most of the work for you.
Complete a Credit Check
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As with any financial service, the banks will need to conduct a simple credit check to make sure you are eligible for the new account. This is a standard procedure, and it doesn’t typically impact your credit score. The check ensures that you meet the basic requirements for the account and that there are no outstanding issues preventing you from switching.
For most people, the credit check will be a quick and straightforward process, and the bank should let you know the results right away.
Receive Your £200 Bonus
After completing the switch, the bank will credit your account with the £200 (or £150, depending on the bank). In the case of Club Lloyds, the money should appear in your account by the end of the first week of December, which is perfect timing for holiday shopping and covering Christmas expenses. Other banks may take slightly longer, but you should see the money in your account within a couple of weeks after completing the switch.
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What You Need to Be Aware Of
Although the process of switching accounts is simple, Martin Lewis did issue a few important warnings that could affect your ability to claim the £200. It’s crucial to follow these steps carefully and understand the limitations involved.
Recurring Payments Won’t Automatically Transfer
One key thing to keep in mind is that any recurring payments tied to your debit or credit cardlike subscriptions to streaming services or memberships won’t automatically transfer to your new account. These payments are different from direct debits and standing orders, so you’ll need to update your payment information manually with any service providers.
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For example, if you have a Netflix or Spotify subscription linked to your old account, you’ll need to go into your account settings and change the payment method to your new bank account. Failing to do this could result in missed payments or service interruptions.
Be Aware of Account Fees
While most of the switching process is free, it’s important to check whether the bank you’re switching to charges any monthly fees for maintaining the account. Some banks may waive these fees if you meet certain conditions, such as paying a minimum amount each month or setting up a direct debit. However, if you don’t meet these requirements, you could be charged a monthly fee. Before committing to the switch, make sure you understand the full terms and conditions.
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Eligibility Requirements
Each bank offering the £200 switch bonus has its own set of eligibility criteria. For instance, some banks may require you to pay in a certain amount of money each month or maintain a minimum balance. Make sure to carefully read the bank’s terms and conditions to ensure that you qualify for the cash bonus. If you don’t meet the necessary criteria, you may not be eligible to claim the reward.
The Best Banks for Switching Accounts
With five participating banks, choosing the right one for your switch can be tricky. While the £200 cash incentive is appealing, it’s also important to think about the long-term benefits and drawbacks of each bank. Here’s a quick breakdown of what each bank has to offer:
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- NatWest
NatWest offers a £200 bonus for new customers who switch their account. In addition to the cash incentive, NatWest also offers a range of digital banking tools, including a user-friendly mobile app and secure online banking services. Their seven-day switch service makes the process easy and seamless, and they have no monthly fees for the account if you meet certain conditions. - First Direct
First Direct is known for its excellent customer service and offers a £150 switching bonus. While their reward is slightly lower, First Direct has consistently ranked highly for customer satisfaction. If you’re looking for a bank with outstanding support, this may be the right choice for you.
- Nationwide
Nationwide’s current account offers £100 to £200 in switching bonuses, depending on the offer you choose. Nationwide is a trusted building society with a solid reputation for customer service and good rates on savings accounts. Their mobile banking app is easy to use, and they have a wide range of banking services. - Santander Edge
Santander’s Edge account offers £150 for new customers who switch to their current account. Santander is known for its competitive rates on savings and loans, and the Edge account also gives you access to exclusive perks, including cashback on certain purchases.
Martin Lewis (Image: (Image: ITVX))
- Club Lloyds
Club Lloyds offers the highest £200 switching bonus and a range of perks, including interest on balances and discounts on products. Their current account is free to use, and the bank offers a variety of financial products, from loans to credit cards.
Why You Should Act Fast
As Martin Lewis emphasized, the £200 bank-switching promotion is time-sensitive. If you want to make sure you receive the money before Christmas, you’ll need to start the switch process as soon as possible. With only a short window of time left, now is the perfect opportunity to take advantage of this easy financial hack and give your bank balance a boost just in time for the holidays.
Personify Financial
A Simple £200 for Your Christmas Shopping
The Christmas season can be expensive, but thanks to Martin Lewis’ £200 bank-switching hack, there’s a simple way to get a little extra cash to help with holiday expenses. Whether you use the £200 for presents, travel, or to cover everyday costs, this offer is an easy way to give your finances a little lift. With the clock ticking down to Christmas, don’t miss your chance to claim the £200 and make the most of this festive financial boost.
By following the simple steps of choosing a bank, completing the seven-day switch process, and keeping an eye on your recurring payments, you can claim your £200 and ease the strain of the holiday season. Just remember to act quickly to ensure that the money reaches you in time for Christmas!
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