Martin Lewis Highlights ‘Rare’ Free Cash Offers for Bank Customers Amid Financial Struggles

Money-saving expert Martin Lewis has announced two new free cash offers for bank customers. The BBC Sounds and ITV star shared the news on social media and through his latest Money Saving Expert newsletter, revealing how to secure a “rare” £175 bonus.

Mr. Lewis wrote: “Two new FREE CASH bank switch deals have launched, First Direct with ‘£200’ and rarely Barclays with £175 (good for those who’ve done all the rest)… my full info, help, pros & cons…” One Twitter user asked if this offer was available to people currently paying off an IVA or if that would affect their credit.

“You would have to pass a credit check, so it would be difficult,” Mr. Lewis replied. Another concerned individual commented on the closing of local banks, expressing frustration over the unfulfilled promise of a community hub. “I’m worried about the fact that our last two banks are closing in September. We were promised a community hub but as of July, nothing,” they said.

Another user criticized Barclays, saying: “Barclays is rubbish, you have to pay £5 a month fee to get the ‘5.1%’ savings interest, it’s capped at 5k and the fee drops it below 5%, I’m actually just transferring out from them, their interest rates are the lowest on the market.. they also just put my CC up 10%. Bye, Barclays.”

The latest offer from Barclays provides new customers with a £175 welcome bonus along with other perks, such as Apple TV and cashback with several retailers. To qualify for the reward, customers need to use the Barclays app to switch to the bank by August 30, reported The Mirror.

Money Saving Expert highlighted that this offer is “great news” for people who regularly switch bank accounts because Barclays rarely introduces such deals. The newsletter stated: “Barclays bank switch bribes aren’t common, which is great news for regular switchers as it means many won’t fall foul of the ‘must be a new customer’ rule.”

To take advantage of this offer, Barclays customers need to download the app and open either a Barclays Bank Account or Premier Current Account between July 8 and August 30. For those opening a Barclays Bank Account, it is also necessary to sign up for Blue Rewards in the Barclays app, which includes a £5 monthly fee.

This announcement by Martin Lewis offers a valuable opportunity for individuals looking to maximize their financial benefits through strategic bank switching, despite the challenges and frustrations voiced by some customers.