Martin Lewis has shared a fans success story to his Money Saving Expert blog, after raking in thousands of pounds by ‘playing the system’ thanks to the finance guru’s tips.
The money expert has again shared his expertise on how people can make money by simply switching their bank account. It works as banks and building societies often offer a cash incentive for people to move their custom to them, rather than sticking with their current provider.
Savers will of course need to meet a certain criteria to claim the cash though. For example, First Direct is currently offering new customers £175 to make the switch to its 1st account – but you’ll need to pay in £1,000 or more within the first 28 days of switching. You also cannot switch from a HSBC or current First Direct account.
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The Liverpool Echo reports that an abundance of other banks are also running similar offers, according to MSE. Anyone who makes the jump from their (non-Santander) current account to Santander’s 123 Lite account will receive £175 in free cash, plus one to three per cent cashback on most bills.
However, there’s a £2 monthly fee for the account, and you’ll need to move over two direct debits, pay in £1,000+ and log into online or mobile banking within the first 60 days of switching.
Martin also shared a message he received from two fans who have collected over £5,000 in just seven years from becoming ‘super switchers’. The MSE article explained: “We’ve said it many times, but switching bank accounts is quick and easy. And with multiple banks lining up to pay for your business with FREE cash and other perks, why stop at just one switch?”
One man, Michael, contacted MSE via email, writing: “My wife and I first switched our current accounts in 2015. It was really simple, so we’ve been doing it ever since. We’ve received nearly every switch bonus since then, using multiple accounts so we could keep the perks we liked while switching the rest around. In total we’ve earned £5,300 between us over a seven-year period.”
For the bank switching information in full, as well as which banks are offering incentives, read the MSE article here.
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