I’m a ‘super-switcher’ and got £3,000 free cash that helped us pay for a family holiday thanks to Martin Lewis’ tip
A SAVVY "super switcher" has revealed how they've managed to bag £3,000 in free cash just from changing banks.
Writing in this week's MoneySavingExpert newsletter a Martin Lewis fan explained how they got the cash in just a year.
Switching bank accounts is a doddle thanks to the Current Account Switch Service (CASS) which does the majority of the hard work for you.
Customers just pick their switch date and any active direct debits are moved to their new account as part of the service.
The team of experts at MSE said: "Done carefully, you can switch multiple times.
"Some even open 'burner accounts' just for switching. Many people do it, including some here in MSE Towers."
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Someone who has really learned how to play the game and play it well is Simon who wrote into MSE to reveal how he and his wife have completed 10 bank switches in the past 12 months.
He said: "Over 12 months my wife and I undertook 10 bank switches, managed our spending through stoozing, and made sure we used cashback sites for purchases."
Stoozing refers to the art of making money from a 0% purchase credit card by using it for your everyday spending and stashing the cash in a high-interest savings account.
"Through these methods, we managed to amass £3,000 which we used to pay for a seven-day family holiday in Rome, which we loved," Simon added.
The pair credited the MSE team for their savvy saving, stating that they wouldn't have been able to go to Rome without their help.
If you're inspired by Simon's family's savvy saving you're in luck because there are a whole host of bank switching offers available at the moment.
We've listed the best bank accounts to switch to now to get up to £175 in free cash and other perks, and explain what you need to do to qualify for each.
You can make even more free money from banks with cashback perks.
The Santander Edge account mentioned below pays 1% cashback on selected household bills and travel spending.
Earnings are capped at £20 a month and the account comes with a £3 monthly fee.
The app-only Chase current account is another option and pays customers 1% cashback on most debit card spending.
With this account, you can get up to £15 a month in cashback without a monthly fee.
Bank switching deals are usually only around for a limited period of time so move quickly if you want to take up one of the offers.
Here are all the ones available currently.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
TSB
New customers switching to TSB can get up to £100 upfront. Then, for the first six months after, will receive £10 a month in cashback.
The offer is available on spend & save or spend & save plus accounts.
However, there are a few hoops you will need to jump through first.
To get the £100, you’ll need to make at least five payments using a debit card or contactless by July 5. You’ll also need to log into the TSB mobile banking app at least once.
New customers who meet these requirements will also be offered a reward to choose from in December, including two Odeon cinema tickets.
And to get the £10 cashback you’ll need to make 20 debit card payments each month.
There are individual requirements and features of both accounts, for example, the spend and save plus account comes with a £3 monthly fee.
Work out whether the account is suited to your circumstances as you will need to have the account for at least six months to get the full reward.
You can apply for the accounts through tsb.co.uk or the TSB mobile banking app.
Santander
Bank customers switching to Santander can bag a free £175.
The offer is available on moves to a Santander Edge current account, Santander Edge Up current account or private current account.
Existing Santander customers moving to one of these accounts can also take advantage unless you have previously pocketed a previous Santander switch offer.
To qualify, you’ll need to pay £1,500 to the account within 60 days of requesting the switch – though this doesn’t need to be in one payment.
You’re also required to set up two active direct debits within 60 days.
The payment is made within 90 days of the start of the switching process to those who qualify.
You can switch through the Santander website or in a branch.
Again, the accounts come with different features so look carefully to choose which is right for you.
The Edge account has a £3 monthly fee while the edge up and private accounts both have a £5 monthly charge.
First Direct
You can also pocket a tasty £175 as a new customer to First Direct’s 1st account.
The account also has a £250 interest-free overdraft which can be helpful if you need to borrow money in an emergency.
To get the £175, you’ll need to switch accounts using CASS and log on to First Direct’s digital banking within 30 days of opening the account.
The offer is only available to people who haven’t previously held a First Direct product.
It’s also not open to anyone who has opened a HSBC current account since January 1 2018 which is part of the same group.
Lloyds Bank
Lloyds is offering new customers £175 plus other perks to anyone who switches to one of three current accounts from a different bank.
As well as the cash customers can get a 12-month Disney+ subscription, plus access to a linked saver paying 6.25%.
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However, Lloyds' offer is only available to customers who switch to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum current account.
These accounts come with a £3 monthly fee unless £2,000 is deposited each month.
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