0:00
Exciting. So is this working for the banks? Would it work for you
0:03
Tell me what banks are doing this. So there's several high street options right now for people who are looking to switch banks and get some extra cash
0:12
So Santander are actually offering £200 for those who can make the eligible switch within the next 60 days to the eligible account
0:20
So for this to actually happen, people will just need to deposit around £1,500 and then have two active direct debits with that account
0:29
so either, you know, energy bills or council tax. And then once they do that, they should get the cash within 30 days
0:35
OK, but once you do that, are you then tied to that bank for the next five years or something
0:42
No, you're not actually tied. They may have sort of clauses within their terms and conditions
0:46
that say how long you're supposed to keep that bank, but usually you can switch if you wanted to
0:52
let's say in the next couple of months, to a different bank, though. Again, another £200
0:56
pies. Yeah, it's a good way of making money, isn't it, if you just keep switching
1:01
I mean, Eamon and I were talking about this earlier on and we were just saying, well, we like the idea
1:04
of making the cash, but it just sounds really complicated to switch everything
1:08
over. Is that on you or is that on the bank to do all of the admin
1:12
if you like? Yeah, I think a lot of people do sort of hesitate to do
1:16
this just because it seems complicated, but it's actually not. There's a dedicated service
1:21
called the Current Account Switch service and this does it all for you. It's free
1:24
It takes about seven days and it's like once you sign up to the new bank, they take care of everything
1:29
So you don't need to move over your salary your direct debits your standing orders. They do it all for you
1:34
Well, that's interesting because I was gonna ask you what sort of effort would be required to do all this
1:39
But you're basically saying we have the easy part of this deal We just sign up and they do it for us Yeah you just tick the box that says current accounts with service and they will take care of it for you and then you get the free cash So Temi you been looking at all of the offers out there
1:53
What are the best ones that you've seen in terms of the high street banks? Barclays are doing a really good deal
1:59
Customers can get up to £400. Wow. But that does depend on your income and how much you can invest
2:04
But there's £200, obviously, Santander, I mentioned before. NatWest are also doing £175 for those who can deposit £1,250
2:13
and that only needs to be in the bank account for about 24 hours
2:17
and then the cash can come to you. So I would say to anyone who is sort of looking to get some extra cash
2:23
just look at the terms and conditions. There's so many banks out there offering these deals
2:27
so it's important to do. And is there a limit to how many times you can switch
2:31
No, there's no limit. There might just be like a timeframe as to how long you stay with a bank
2:36
and also the bank may not accept you if you've already made a switch
2:41
let's say within the last year, a year and a half. So it is important to look around
2:45
see what banks are offering the best deals for you because they have all different terms and conditions
2:50
But you should be able to find one that will facilitate what you need. And what about looking around quickly
2:55
Because here we are, we were saying it's a month before Christmas, Black Friday this week as well
3:01
How significant are those dates? So a lot of these banks, they are subject to take these offers away when they feel comfortable
3:11
So it's important to act fast, especially with this week, you know, Black Friday is coming up
3:16
So they might take deals away. So the quicker that people look around, it's better just to make sure that they can actually secure this
3:23
and get it just maybe before Christmas if they act fast or in the New Year's. You'd buy a few gifts, couldn't it
3:28
Yeah, cover your Christmas shopping, wouldn't it? Yeah, cover it. New Year, just have a bit of extra cash
3:33
So it's important to be fast because you never know when they'll take these away. OK
