A couple from Exeter, Devon has found a clever way to boost their bank balances by nearly a thousand pounds using a simple trick. Emma Lewry, a savvy mum, was able to earn £575 in free cash from banks in just a few weeks. She then helped her husband, Paul, earn an additional £400 using the same strategy. Altogether, the couple managed to increase their savings by a whopping £975 just in time for Christmas.
The Switching Trick: Earn Money Just by Changing Banks
Emma learned about a switching trick from a friend, who had made hundreds of pounds using this method. The trick involves opening a new current account with a bank offering a cash incentive, then switching to another bank that also offers a reward. Emma successfully made three switches, from Natwest to Nationwide, then to Lloyds, and finally to First Direct, earning a total of £575. She even received six free Odeon cinema tickets when she switched to Lloyds. Her husband followed suit, earning an additional £400 by switching from Barclays to Nationwide and then to TSB.
Act Fast: Current Banks Offering Cash Incentives
While the Nationwide and Lloyds switching incentives have been withdrawn, First Direct is still offering £175 to new customers who switch to its First Account. Customers also have access to a regular saver that pays 7% interest and a £250 interest-free overdraft. TSB is currently offering £125 to switchers, with an additional £90 cashback after a year of using the account.
What to Watch Out For When Switching
When switching banks, it's important to be aware of the requirements set by each bank. Most banks require customers to use the current account switching service (CASS) and to move active direct debits. Some banks may also require customers to pay in a minimum amount or fund the account with a set amount each month. It's important to note that switching banks too frequently can negatively impact your credit score. Additionally, switching bonuses are usually reserved for new customers, so it's important to read the terms and conditions carefully.
Overall, this switching trick can be a simple and effective way to earn some extra cash. However, it's important to consider factors beyond the cash incentive, such as customer service and online banking options. So, if you're looking to boost your bank balance, it may be worth giving this strategy a try.
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