Martin Lewis has urged bank customers to see if they can claim hundreds of pounds in bonuses. He urged people to act after one of his fans secured £750 in extra cash.
It's worth checking if you can claim some one-off payments by switching your current account to another provider. During an episode of his BBC podcast, two listeners shared stories of how they had been awarded bonus cash for switching.
One listener called Vish shared how he had been paid £400 for switching to a Barclays Premier Account. This offer recently finished, with Barclays paying £200 for switching to a Barclays Bank Account or £400 for switching to a Premier Account.
You could also get up to £500 for moving across your ISA savings to Barclays under the previous offer. In light of the success story, Mr Lewis reminded listeners there are are still switching offers out there.
He said: "It pays to switch. There are about three bank accounts who are willing to pay people at the moment. Many of them have disappeared.
"Santander has got one, Nationwide has got one and first direct has got one. They are all paying at least £175." Santander is offering £200, Nationwide is offering £175 and first direct is also offering an £175 payment if you'll switch to them.
Over £750 in bonus cashAnother listener wrote in to say they had made over £750 by taking advantage of bank switching offers, by using a technique known as having a "mule account". Mr Lewis explained what this term means: "A mule account is where you have an account you're quite happy with that you're using for your day to day banking but you want to do regular switching to get the free bonuses.
"So you set up a spare account, an account that you're not really intending to use that much. You have a couple of direct debits going out from it, because you normally need those to qualify.
"You pay money into it once you're switching because they have minimum switching requirements, so you pay that money in but you just take it out the next day.
"Then you use that account just as a mule if you like, to move from one place to another, so that you can switch and get the benefits."
In the listener's case, they started with an account with Starling bank with no offers, they switched to first direct and collected £175, then went to Lloyds Bank and got £200, then to Barclays for another £200, then on to NatWest for £175 plus some other bonuses. This meant they bagged them more than £750 worth of total bonuses.
Mr Lewis said this was a "good haul" although he did know of people who had took home over £2,000 in total bonuses.
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