Like most people in their right mind, I’d like to have a few extra thousand pounds in my bank account that I didn’t have to work for.
And, apparently, your bank can give it to you – that is, according to Money Saving Expert founder Martin Lewis.
After listening to two colleagues talking about how much money they’d made from their banks, Lewis decided to share his knowledge with everyone else.
So how does he recommend you do it? By becoming a serial bank-account switcher.
According to Lewis, you can make more than £1,500 by doing it. And if you’re not into the whole switching banks all the time thing, Lewis says you can still make free money for switching to a better bank account.
The fierce competition in the banking market means some bribe you to switch. As often these are best-buys anyway, take it and smile. Some pay quicker than others.
Basically, you can make thousands of pounds from switching your bank account every few months. Kind of sounds like a hassle if you ask me, but according to the money saving expert himself, it’s pretty easy.
I did a Twitter poll and 83% who’ve switched since 7-day switching launched in 2013 said it’s no hassle. They simply close your old account, move direct debits & standing orders and auto-forward payments.
So where can you go to get this free cash? Lewis laid it out.
If you want the most money, go to the Co-op. They pay you a free £150 within 45 days plus £4 a month (if you qualify) when you switch to their bank.
Next best seems to be First Direct – who’s won every service poll Money Super Market’s ever done. With them, you can get £100 within 44 days for switching and you can put up to £300 a month in a linked 6 per cent savings account. Not too shabby.
Lewis says M&S also gives out a free £100 for switching – just in the form of a gift card rather than cash. You get the gift card within 30 days, so if you’re just looking for free cash for Christmas gifts, this one’s probably your best bet.
Lastly, Lewis says Halifax pays you £100 after three days of switching to their bank. So if you want quick cash, Halifax is your guy. Apparently, they also pay £5 into your bank each month if you’re in credit. I wouldn’t mind a free fiver every month.
Time to start switching banks.