Bank bonuses: Martin Lewis explains how switching banks can earn you £900 | Leicestershire Live

Money saving guru Martin Lewis has shared how a ‘banking war’ is giving customers ample incentive to switch. A few banking heavyweights; Santander, First Direct, Lloyds and TSB are trying to attract new customers by offering £175 each to switch existing accounts to them.

In addition, Nationwide is offering £200 to its existing customers who move other banking services they have elsewhere under their roof. This means a total incentive available of £900 for those willing to switch their finances between banks, the Express reports.

Martin pointed out that savvy punters can cash in handsomely by adopting the mantle of a “super switcher,” systematically hopping between banks to win the associated bonuses. Some intrepid consumers have even created temporary “burner accounts” to act as a pivot for these switches, allowing them to repeatedly claim rewards.

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Super-switches implement a two-pronged approach that involves another trend called “stoozing” – essentially, leveraging the introductory 0% interest offer on credit cards to borrow money to invest elsewhere. Simon, a follower of Martin’s Money Saving Expert, shared his family’s success story using these tactics.

He said: “Over 12 months my wife and I have undertaken 10 bank transfers, managed our spending through the rocks and made sure we used cashback sites for purchases. Through these methods we managed to raise £3,000 which we pay for seven. – a day of family vacation in Rome, which we really enjoyed.”

Simon was grateful to Martin and his team for their help. He said: “We achieved this with the help of Money Saving Expert. Thank you for paying for our holiday – we couldn’t have gone to Rome without your help.”

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