Martin Lewis details that the current interest rate environment coupled with poor options for savers means that consumers should always keep an eye out for the best deals. Banks seem to have caught on to this shift in mindset as many of them will offer bonuses and incentives for new customers switching to their accounts.
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Martin refers to these bonuses as “switching bribes for newbies”. As he detailed on Good Morning Britain, some of the latest options available come from NatWest and RBS.
As he explained: “Both NatWest and RBS have launched a £175 switching bribe for newbies on many of their accounts
“The standouts are RBS/ NatWest Reward, as with this account you pay a £2/mth fee, but it gives you £5/mth so you’re £3/mth up £36 a year.
“Or RBS / NatWest Select just gives £175 with slightly less-stringent criteria.”
Consumers will need to be quick to take advantage of this bonus as there are deadlines in place for it which are quickly approaching.
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Martin Lewis was on Good Morning Britain to discuss the latest bank account offers (Image: GETTY & ITV)
Some banks currently offer cash bonuses for switching to them (Image: GETTY)
As he continued: “To get the £175, you must start the switch by 2 April, pay in £1,500+ (which you could withdraw the next day) and log in to online or mobile banking by 10 May.
“With the Reward accounts to qualify for the £3, each month you must pay in £1,250+/mth (equivalent to a £17,000/yr salary), log in to its mobile app and have two direct debits paying out £2+/mth”.
As detailed, the Reward accounts may not be an option for people on low incomes.
Those on minimum wages or part time work may struggle to pay in £1,250 every month.
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This could be disheartening for some, but there are benefits and support systems in place to help those struggling financially.
There are many benefits available on top of Universal Credit that can help people on low incomes, which can include housing benefits, working tax credits and jobseeker’s allowance.
All told, the government offer dozens of benefits that can support people in a range of different hardships.
Finding out what a person is entitled to can be an intimidating task with how may options are available.
Those on low incomes may not be able to take advantage of some of these offers (Image: GETTY)
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Fortunately, the government detail that there are multiple independent benefit calculators available to help point people in the right direction
These calculators will help with finding out what a person could get, instructions for how to claim and how the benefits could be affected if the claimant has changes made to their working arrangements.
As mentioned, these calculators are independent which means they are not provided but the government itself but they are trusted by the state.
Martin Lewis regularly advises people to switch bank accounts to take advantage of deals (Image: GETTY)
The government used to provide a “Benefits Adviser” service but this has now been replaced by a number of charity based options.
The first option available is the national charity “Turn2us” who’s services calculate what people may be entitled to.
“Policy in Practice” are the next option and their calculator will not only help with benefit queries but will also provide advice on budgeting.
The final option comes from “entitledto” who detail that they are one of the leading providers of online benefit calculators in the UK. Their calculator is tailored to individual circumstances.