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Martin Lewis, age 47, is the founder of the website Money Saving Expert. He now spends much of his time sharing his financial advice on ITV. Today, he appeared on Good Morning Britain, where
he spoke of the new bank account deal which could see you get £175. “The bank switching price war has reignited,” the Money Saving Expert said. Speaking to Good Morning Britain viewers, he
explained: "We’ve got another bank bribe, I call them, a legal bribe, nothing wrong with doing it." First, he pointed out that there are all sorts of bank accounts out there, so it
could be worth comparing options before making a move. However, if you’re looking for a lump sum of cash from your bank, then there are a variety to choose from. It comes as HSBC launch
their latest deal offering new customers £175 if they switch to HSBC’s Advance Account. “It’s from hsbc it’s its advance account and it’s £175, but this is £175 upfront just for
switching," he said. "You get it after about 40 days - which is the biggest upfront all-in-one cash bribe we’ve seen in quite a long time." “To get it you’ll need to use its
switching service, you’ll have to have two active direct debits. you need to pay in a minimum of £1,750 a month which is equivalent to a salary of £26,000 if you’re a single person,
obviously less if it’s a joint account and you’ve both got money coming in." This is not the only bank to have a switch bonus scheme. NatWest and RBS have also launched a £175 payment
if new customers moved to them. However, Martin pointed out that these banks don’t pay it upfront. “This is split between £125 upfront and then another £50 after a year – there’s a fee free
version, or if you pay £2 per month its Reward account gives two per cent cashback on household bills which for many is worth another £60 - £100 a year even after the fee," the Money
Saving Expert has explained. “The minimum monthly pay in here is £1,500 (equivalent to a £21,500 per year salary). “And remember switching accounts is easy. “Within seven days your old
account is closed, any direct debits and standing orders are moved across and any payments going to your old account is auto-forwarded to your new one.” “It’s a good time to be switching
bank at the moment if you want a little bit of extra cash,” the Money Saving Expert founder said. On Monday, Martin explained how This Morning viewers could save £250 on their energy bills
each year - by opting for renewable energy. _FOR MORE INFORMATION ON BANK ACCOUNTS, VISIT MARTIN’S ‘TOP BANK ACCOUNT’ GUIDE._ _GOOD MORNING AIRS WEEKDAYS ON ITV FROM 6AM._