Martin Lewis shares how to get £900 from Santander, TSB, Lloyds and First Direct

10 June 2024 , 07:32

1418     0

The tips were highlighted in the recent Money Saving Expert (MSE) newsletter (Image: (Image: ITVX))

Money-saving guru Martin Lewis has highlighted a banking battle as household names offer hefty cash incentives to lure customers into switching.

In the recent Money Saving Expert (MSE) newsletter, he revealed that four banks - Santander, First Direct, Lloyds and TSB - are currently dishing out £175 each to entice customers to switch to them, with more expected to join the fray. In a separate deal, Nationwide is offering £200 to certain existing customers if they transfer accounts held with other banks to the building society, totalling a whopping £900 currently up for grabs for those willing to hop between banks.

Martin Lewis explained that this situation has enabled some clever consumers to pocket thousands of pounds by becoming "super switchers" - continually bouncing between banks to bag a bonus.

Some are even creating so-called "burner accounts", which they use as a tool to switch between banks and secure a windfall. The website also mentioned that these super switchers employ a second strategy, known as 'stoozing', which capitalises on an introductory interest-free period offered by a credit card company to borrow money for investment elsewhere.

One website follower, Simon, shared: "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. 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. We managed this all through the help of MSE. Thank you MSE for paying for our holiday - we'd not have been able to go to Rome without your help."

Martin Lewis’ MSE website shares tip to get free £175 and 7% interest on savings

Rory Poulter