Martin Lewis shares four banks where you can get up to £150 for free

As The Bank of England is predicted to raise one of its most influential interest rates in a move to tackle further inflation rises, Money Saving Expert has shared a number of banks who are giving away free cash for switching.

The change in base rate could mean that it will cost customers less to borrow money, but others will earn less on their savings. And in the midst of the cost of living crisis, every little helps.

Martin Lewis has recommended four banks who will currently pay customers to switch to their current accounts, including one who will offer up to £150.

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The money expert said: “If you're unhappy with your bank, switching is quick and easy – and now's a great time to do it as four banks currently pay for your custom with up to £150 cash.

“Four banks currently offer switch bonuses – three pay straight cash bribes, and one gives points you can spend on a variety of experiences, flights and gifts. Unusually, two of them are available to existing customers. But read carefully – you need to hit certain conditions to get the bonuses.”

Here are four banks offering customers free cash when they open a current account:

Customers who have never had a First Direct account, or, have not opened a current account with sister-company HSBC since 2019 can benefit from £150 - plus a £20 bonus with their 1st Account.

Shoppers can bag £20 for opening an account and using mobile or online banking within three months, with the £20 being paid into the account within four months. It’s slightly more laborious to get the £150, but it’s worth the effort.

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