Martin Lewis: Money Saving Expert provides insight into current account reward switches | Personal Finance | Finance

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Martin Lewis, Money Saving Expert, has offered invaluable help over the years to thousands of people. He has used his various platforms to help Britons with money related queries, helping them to save cash, cut costs or make changes to help them live more efficiently. Today was no different, and Martin used his self-titled Money Show to offer handy tips on how Britons may be able to get more cash.

Banking is often an area where people are often looking for assistance, and Martin offered a helping hand, revealing how they could get cash in their pockets.

He revealed that many current accounts are offering bank switching bribes to entice customers.

This could be welcome news to individuals who are looking for additional cash at what is a difficult financial time for many.

Competition in the market, Martin said, is advantageous, giving Britons a variety of options to choose from.

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Under the terms of the account, paying £2 a month, Martin explained, will get customers £5 per month.

But the terms involve logging into the banking app on a monthly basis, so it important to be aware.

There is, though, an account which is top with rewards that Martin drew attention to.

Club Lloyds is currently offering a £100 switching offer, alongside a whole host of interesting freebies.

As Martin explained, these customers can get six cinema tickets, valued at approximately £50, or 12 film rentals.

For those who are looking to switch, Martin has said there are important issues to bear in mind.

With current accounts, Britons will usually have to pass a credit check.

However, Martin has said people shouldn’t be too concerned, as this is a standard procedure.

Most current account customers will have to move two direct debits per month, as well as providing a minimum monthly pay-in.

Many people may be reluctant to switch over due to the perceived administration associated with a move.

Martin, however, went on to dispel this idea, encouraging people to look around.

This is because many current accounts operate through the official switching service.

The switching guarantee means a new bank switches payments and transfers balances, while the old bank takes care of closing an old account to reduce administrative processes for the customer.

The Current Account Switch Service states over six million current accounts have been switched since it opened.

Over 40 banks and building societies are part of the service, and so Britons have a wide number of options available.

Martin Lewis is the Founder and Chair of MoneySavingExpert.com To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip




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