Martin Lewis fan explains how they made free £800 from high street banks
A fan of Martin Lewis has explained how she made £800 in just five months by switching bank accounts.
Many high street lenders are currently offering cash “bank bribes” to entice new customers - at the moment, you can earn up to £200.
You often have to be a new customer, and there is usually eligibility criteria that you have to meet, in order to get a switch bonus.
For example, you may need to have a certain number of direct debits, or pay in a set amount of money each month.
But if you're not happy with your bank, taking advantage of sign on incentives can be an easy way to pick up a bit of extra money.
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MoneySavingExpert.com reader Meghan explained how she made multiple switches this year to net an impressive £800.
She told MSE: "Thanks for the constant reminders on sign-up bonuses.
“Created a dummy account and have successfully switched four times since February and bagged over £800! Helped a ton."
TSB this week launched a new £200 switch offer for customers opening a Spend & Save or Spend & Save Plus account.
Customers will get £125 by September 30, 2023, if they move to TSB before August 31, 2023.
They will also need to set up at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app to get the first instalment.
A further £75 will then be awarded by March 31, 2024, if each month they pay in at least £500, make five debit card payments and have two direct debits.
Those who have received a switch offer from TSB since October 1, 2022, won’t be eligible for this £200 offer.
NatWest, Ulster and Royal Bank of Scotland are offering £200 to new customers - and you could also earn £36 a year cashback.
You can get the switch money when you change your current account to one of several NatWest, RBS or Ulster accounts.
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To get the additional £36 a year cashback, you would need to go with either the NatWest Reward or RBS Reward accounts.
The cashback, which is worth £5 a month, is available when you use the mobile app and pay out two direct debits worth at least £2 every month.
But there is a catch. Both accounts come with a £2 monthly fee, which takes the cashback effectively down to £3 a month, or £36 over the year.
To be eligible for the £200, you'll need to pay in at least £1,250 and use the relevant banking app within 60 days - but you can't have had switch cash from NatWest, RBS or Ulster since October 2017.
First Direct is paying new customers £175, while Lloyds is handing out £150 when you move to a Club Lloyds, Club Lloyds Silver or Club Platinum account.
To get the First Direct offer, you need to pay in at least £1,000 within three months - but you can't have ever had any account with First Direct, or have opened a current account with sister bank HSBC since January 2020.
With the Lloyds switch deal, keep in mind you'll pay a monthly £3 fee with the Club Lloyds account unless you pay in at least £2,000.
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