Switching your bank account usually takes seven working days and can be an easy way to get your hands on some free cash and goodies.
The money-saving expert ran through his four picks of banks you could make the change to, in order to reap the best rewards during his Money Show Live yesterday.
He first mentioned a deal with Lloyds, which involved getting 12 months of Disney+, six cinema tickets, or an annual magazine subscription – however this ended at midnight last night.
Banks that still have ongoing deals recommended by Lewis include Nationwide, First Direct and Barclays – read on to find out what’s available.
He explained that Nationwide offers £200, the most free cash on the market, and the switch includes a linked eight per cent regular savings account which you can put up to £200 a month in.
Lewis continued: ”It does give you a years zero per cent overdraft, but it’s only a year, and after that it’s 40 per cent.
‘Decent customer service, you’ll get this one by 4th December and there’s no minimum amount of money to pay in.
‘So basically, as long as you’re switching two active direct debits, you should qualify as long as you pass the credit checks.’
Next, he moved on to First Direct, which can bag you a free £175 if you switch to them.
They also offer a linked seven per cent regular saver that you can put a maximum £300 a month in, and a top debit card for spending abroad.
You just need to pay in £1,000 and you’ll get the money by December 22.
If you can hang on until after Christmas, Barclays are offering £175 free cash for switching, but you won’t get it until January 5.
There are also the conditions that you must pay £800 per month into the account, join a blue rewards scheme, participate in digital banking and have two active direct debits.
It’s important to note that you can only get the £375 if you are eligible for both of the bonuses from Nationwide and First Direct and get everything sent off in time, having checked the details.
The advice comes just after the money saving expert advised that premium bonds are worth investing in – but only for ‘some people’.
Ahead of his live show in Manchester this evening, the money saving expert, 51, appeared on ITV’s This Morning to answer viewer’s financial questions.
One caller, Rebecca, phoned the programme to ask whether premium bonds are worth investing in to maximise her savings.
‘The premium bond prize rate is 4.65 per cent, which is less than the top saving accounts,’ he said.
‘But actually if you have typical luck, which is based on the median average, you’ll earn less than 4.65 per cent.’
‘Think about it this way, for every person that wins a million quid, quite a lot of people have to win nothing.
‘Which is why, on average, with typical luck you get less than 4.65 per cent, so who are premium bonds good for?’
In answering his own question, Martin explained: ‘So, as a general rule of thumb, if you are a higher or top rate taxpayer and you have enough savings that you pay interest on it, and you’re looking at putting a larger amount of £30,000- £50,000, they can be a pretty good bet.’