Martin Lewis has shared how some fans of his Money Saving Expert site are raking in thousands of pounds by "playing the system".
The finance guru has again told people how they can make money by switching their bank accounts. How it works is banks offer a cash incentive for people to move their custom to them rather than sticking with their current providers.
Savers will need to meet certain criteria to claim the cash. For example, First Direct is offering new customers £175 to make the switch to its 1st Account - but you need to pay in £1,000+ within the first 28 days. You also can't switch from a HSBC or First Direct account.
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Other banks are also running similar offers, according to MSE. Anyone who switches their (non-Santander) current account to Santander's 123 Lite account will get £175 free cash, plus 1% to 3% cashback on most bills. However there is a £2 monthly fee, and you need to move two direct debits over to the account, pay in £1,000+ and log on to online or mobile banking, all within the first 60 days.
Mr Lewis has also shared a message he received from two fans who have collected more than £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, and said: "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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