Martin Lewis fan explains how they made £7,000 by switching banks
A fan of Martin Lewis has shared how his family made more than £7,000 simply by changing bank accounts.
The recent Money Saving Expert (MSE) newsletter came out this morning and focused on led on switching incentives.
Banks and building societies often offer cash incentives to new customers willing to make a full switch off their existing current account.
It is considered a relatively "quick and easy" way to make some extra cash - with some banks currently offering £200 to switch.
The MSE newsletter shared the story of Gareth and his family who had followed Martin Lewis' advice and took advantage of some switching offers.
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Gareth wrote in to tell the Money Saving Expert team that he, his wife, his mum dad and his sister earned a "jaw-dropping" £7,375 from switching bonuses since 2018.
Gareth wrote: "My family and I have benefited from a combined £7,375 to date from bank switches in cash alone, plus £770 in vouchers!
“Many thanks for the efforts of the MoneySavingExpert team for providing up-to-date switch info. Especially important for regular switchers like me."
Alongside this, the newsletter also shared all of the switching offers which are on at the moment.
Banks which are currently paying you to switch include Natwest/RBS, First Direct, TSB, and Lloyds.
Natwest/RBS is currently offering a £200 incentive, First Direct is £175, and TSB will pay £125 upfront and then pay £75 in November.
Lloyds bank offer is a little different as you have to switch to a packaged account and will have to use the £200 bonus on the bank's "free" travel breakdown and mobile insurance for 20 months.
To get a switching bonus, you need to close and switch your current account using the Current Account Switch Service (CASS).
CASS guarantees to complete the transfer within seven days and everything is usually switched over automatically, including your balance, direct debits, and salary.
It is also completely free to switch.
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But there are often other hoops you need to jump through - such as depositing a certain amount of cash each month.
However once you have done this, you should usually receive your switching bonus within a few weeks.
Before switching, you need to be aware that recurring payments from your card are not moved over using CASS.
These payments are known as "continuous payment authorities" and these are set up using your debit or credit card details, as opposed to your account number and sort code.
These types of payments are often used for memberships and online subscriptions.
If you switch, you will need to give your new card details to any companies that take money from your card in this way.
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