Martin Lewis reveals a 'hassle-free' trick to get a £200 cash boost in just minutes

MONEY-SAVING expert Martin Lewis has revealed how to get £200 cash in just minutes “hassle-free”.

The consumer champion told viewers how to get the money by switching banks in the latest episode of his ITV Money Show.

Banks and building societies regularly offer incentives if you transfer your checking account to them – and it usually only takes a few minutes to get started.

Addressing the audience on Tuesday's show, Lewis revealed how two banks, NatWest and Lloyds, are offering up to £200 for switchers.

He says: “Switching is usually easy and usually problem-free. You can do this via the seven working day transfer service.”

The money expert then revealed the details of both bank switching offers, with NatWest offering monthly cashback for customers on top of a £200 free cash bonus.

Meanwhile, Lloyds is offering switchers £175 in free money plus a £60 annual subscription to Disney+.

To receive the £200 bonus from NatWest, switchers must deposit £1,250 into their new current account and log into the mobile app within 60 days of switching accounts.

The £1,250 deposit can consist of multiple credits and must remain in the account for at least 24 hours.

After you have done this, the bank will deposit €200 into your account within seven days.

Customers can also make a net profit of €3 cashback every month when they sign up for a Rewards current account.

You cannot switch to NatWest if you have previously received a NatWest Group incentive since 1 January 2020.

Meanwhile, Lloyds is offering £175 free cash to customers who switch to one of its Club Lloyds accounts.

Switchers must open an eligible account and then make at least two direct debit transfers.

The money will then be credited to your account within three days of completing the transfer.

Customers can choose from three accounts: Club Lloyds, Club Lloyds Silver and Club Lloyds Platinum.

There is a minimum monthly fee of £3 to maintain a Club Lloyds account, but this is waived each month if you deposit more than £2,000.

How to switch bank accounts

In most cases, you can switch bank accounts via the Payment Account Switching Service (CASS).

Dozens of major banks and building societies are affiliated, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.

The full list of participating banks and building societies can be found on the CASS website.

All you have to do is apply for the new checking account you want. The new bank tells your existing current account that you are switching.

Any direct debits will be passed on for you, but you can do a number of things before submitting the application.

This includes choosing the date on which you switch and transferring any old bank statements to your new account.

You can obtain this from your existing bank.

When you switch banks, make sure you check what other benefits come with the checking account.

One bank may offer a better interest rate for savings accounts, or an interest-free current account facility.

Others offer additional benefits, such as access to a TV or magazine subscription or discounts at certain stores.

Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.

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