Martin Lewis' Money Saving Expert says do this to get free £200 before Christmas

The finance gurus at Money Saving Expert (MSE) have revealed that one bank is offering a free £200 for switching before Christmas - and you can choose a reward on top

As the year draws to a close, many find their wallets squeezed tighter than usual. The chill of winter demands more heating, while the festive season sees us splashing out on gifts, adding to the financial pressure.

To ease this burden, the experts at Money Saving Expert (MSE), the brainchild of Martin Lewis, have highlighted a tempting offer from one bank that's giving away a free £200 if you switch before Christmas. Additionally, switchers can pick a reward like a Disney+ or magazine subscription.

MSE has shed light on why banks roll out these enticing incentives: "Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals."

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In their latest update, MSE points out that Lloyds Bank is currently leading the pack with its switch deal. By opening a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account, you'll pocket the free £200 and get to choose an additional reward.

What's more, signing up for this account opens the door to a savings account boasting a remarkable 6.25 per cent interest rate. As MSE puts it: "Free £200, plus choose a reward: 12 months' Disney+ (with ads), six cinema tickets, a Coffee Club and Gourmet Society membership, or a subscription to a magazine."

"Along with the upfront switch cash, with Club Lloyds, you can choose one of the rewards above each year. You also get access to a linked regular saver paying 6.25 per cent fixed interest for a year on up to £400 a month (maxed out, it's £161 a year interest)."

However, it's important to remember that there's a £3 a month fee on the account unless you pay in £2,000 or more a month. Additionally, you're not eligible for the deal if you've already received switch cash from Lloyds, Bank of Scotland or Halifax since April 2020.

How to claim the £200 bonus: The offer is available until December 10. For further details, visit lloydsbank.com/current-accounts/switch.