Renowned financial journalist Martin Lewis has issued a crucial warning to individuals who have not yet claimed their £175 in free cash. According to Lewis, first direct, a particular bank, is offering a £175 switching incentive to savers who join the bank using the Current Account Switching Service.
In addition to the cash incentive, first direct also offers new switchers a £250 interest-free overdraft and access to its linked seven percent savings account. Lewis emphasized the importance of carefully reviewing the eligibility criteria for this offer, as well as the urgency of the situation, as the bank switching offer is set to expire on April 22.
To claim the £175, individuals are required to complete a full switch through the Current Account Switching Service, ensuring the inclusion of at least two direct debits or standing orders. Furthermore, a deposit of £1,000 into the account and logging on to the digital banking platform are also necessary to qualify for the incentive. More information on the switching offer can be found on the first direct website.
For those considering opening a current account with first direct, it is worth noting that doing so will grant access to the Regular Saver, which currently offers a seven percent interest rate. Similarly, savers who utilize the Regular Saver have the opportunity to earn £136.50 in interest if they consistently deposit the maximum £300 each month over the course of a year.
Additionally, individuals should be aware of the recent changes to ISAs, which now permit savers to contribute to more than one of each type of ISA over a financial year. While the overall ISA allowance remains at £20,000 per year, the flexibility introduced this tax year allows for more strategic financial planning.
For those interested in staying updated with the latest personal finance news, following @ExpressMoney_ on Twitter is recommended. Time is of the essence, and missing out on this opportunity could result in the loss of a substantial cash incentive. Don’t let this opportunity slip away – act fast to claim your £175 in free cash before it’s too late.