Martin Lewis urges people earning £28,500 to claim free £200 payment

Martin Lewis says anyone earning £28,500 can get £200 from Lloyds Bank. Under the Lloyds Bank switch conditions, you will be charged a monthly £3 fee unless you pay the equivalent of a £28,500 salary into one of its eligible accounts.

BBC and ITV star Martin said: “It is a good idea to do and it is so easy. To switch, you need to use the bank’s seven-day easy switching service which will close your old account for you, it will auto forward any payments to that account, it will move across any direct debits, and standing orders.

“The highest up front cash if you want the cash straight away is from Club Lloyds, it also gives you a year’s Disney Plus. Many banks want you to do a minimum monthly payment… which is their way of effectively saying they want salary going in.

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“So you convert it into salary. So with Natwest it’s £1,250 a month which is equivalent to a £16,000 salary before tax, Lloyds is the one to watch. It’s £2,000 a month, which is equivalent to a nearly 30 grand a year salary, which not surprisingly will leave a few people out.

"If you’ve got less it charges you a monthly fee.” The offer is set at £200 and runs from Wednesday 2 October to 10 December 2024. This date is the last day you can both open a new account and start the switch. It’s worth being aware that in the past the offer has sometimes been cut short by a few weeks.

The payment will be made within three working days of the switch completion. This time you can get the cash for switching to one of the three Club Lloyds accounts: Club Lloyds – £3 a month (which can be avoided), Club Lloyds Silver – £11.50 a month + £3 Club Lloyds fee (the latter can be avoided) and Club Lloyds Platinum – £22.50 a month + £3 Club Lloyds fee (the latter can be avoided).