Martin Lewis reveals how to make THOUSANDS simply by switching bank accounts
The founder of MoneySavingExpert.com has explained why making this one easy move can save you a lot of extra money
MONEY Saving Expert Martin Lewis has revealed how switching between bank accounts can actually save you THOUSANDS of pounds.
The trusted financial expert and founder of the explained on his why regularly changing banks can be extremely beneficial.
After listening to two colleagues talking about how much money they'd made from continually changing accounts, Martin was inspired to share his knowledge with everyone else.
And here's how he recommends you do it:
Free £150+ 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.
"In many cases, you get the cash within a month or two.
"There’s full details and eligibility info at www.moneysavingexpert.com/bankaccounts, but in brief…
"- Free £150 PLUS £4+/mth. www.co-operativebank.co.uk pays £150 within 45 days. Plus its Everyday "Rewards scheme pays £4+/mth if you qualify.
"Its customer service rating in my recent poll of 260 customers was a strong 70% 'great'.
"- Free £100, No.1 service, 6% linked savings and 0% overdraft. www.FirstDirect.co.uk has won every customer service poll I’ve ever done – 91% rate it 'great'.
"On top of a free £100 within 44 days, switchers get a £250 0% overdraft and you can put up to £300/mth in its linked 6% regular saver.
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"- Free £100 M&S gift card plus £10/mth. Bank.MarksandSpencer.com doesn't pay cash, but does give a £100 gift card within 30 days, plus pay in £1,000+ a month and you get £10/mth added for a year.
"Its service is a strong 68% 'great'. It also has a £100 0% overdraft and a linked 6% regular saver.
"- Free £100 plus £5/mth. www.Halifax.co.uk Reward pays £100 after just 3 days and also pays £5 each month you're in credit - its service is also 68% 'great'.
"Yet beware its overdraft which is very costly.
"If you’re worried about how difficult switching is, I did a Twitter poll of 2,900 in July and 76% who've switched since 7-day switching launched in 2013 said it's no or little hassle.
"All that happens when you use the switching service is they close your old account, move direct debits and standing orders for you and auto-forward payments."
