Martin Lewis money saving expert on best bank account switch rewards now | Personal Finance | Finance
[ad_1]
Martin Lewis refers to these cash incentives as “bribes for newbies”. It appears that banks may realise that consumers are more willing to switch accounts these days in order to find the best outcomes. This can likely be attributed partly to experts like Martin who have been advising people to embrace shopping around.
As he explained: “Both NatWest and RBS have launched a £175 switching bribe for newbies on many of their accounts.
“The standouts are RBS/NatWest Reward, as with this account you pay a £2 a month fee, but it gives you £5 a month so you’re £3 a month up, £36 a year. Or RBS/NatWest Select just gives £175 with slightly less-stringent criteria.
As Martin alluded to there are certain rules and criteria for qualifying for this cash reward: “To get the £175, you must start the switch by 2 April, pay in £1,500+ (which you could withdraw the next day) and log in to online or mobile banking by 10 May.
“With the Reward accounts to qualify for the £3, each month you must pay in £1,250+ a month (equivalent to a £17,000/yr salary), log in to its mobile app and have two direct debits paying out £2+ a month.”
DON’T MISS:
Martin Lewis issues urgent travel insurance warning – ‘do it NOW’ [WARNING]
Martin Lewis reveals how to protect yourself from scammers [ADVICE]
Martin Lewis reveals how you could claim £1,150 now – but act fast [EXPERT]
Just with many deals though, Martin was quick to highlight that these options can quickly change or disappear entirely: “Remember, deals can change quickly, even while I’m on the programme.
“So always double-check the terms and conditions before spending. Plus, while I hope these deals will save you cash, don’t spend if you can’t afford it, don’t need it, or won’t use it.”
The government has made steps to help savers in the UK, particularly those who are on low incomes or benefits. The state launched a “Help to Save” scheme which gives a bonus to people who may be struggling financially.
So long as the person qualifies, they can receive a bonus from the government of up to 50 percent on savings saved into the Help to Save account.
Applicants will be eligible for this account if they receive working tax credits, have a nil award for working tax credit but are receiving child tax credits or if they are claiming universal credit and earned a minimum of £542.88 in their last assessment period.
These accounts from the government will last for four years and bonus payments of up to 50 percent will be paid after two or four years.
There are limitations to these accounts however, with the Money Advice Service detailing that they may not be suitable for people who have difficulties paying outstanding debt commitments.
There is a limit of £50 a month that can be paid into the account and withdrawals from it could negatively impact any bonuses paid.
It is also only possible to open one Help to Save account in a lifetime, which means that careful consideration should be given before any decisions are made.
Martin also provided savings tips for other areas of a persons life.
The Money Saving Expert explained how some Britons could get a will drafted for free but they must act fast.
As he detailed: “March is Free Wills Month, so those aged 55 or over can get a gold standard solicitor-drafted or updated will for free – it can usually cost around £200 for a single or £300 for a joint.”
[ad_2]
Source link
