Six banks will pay you up to £ 130 for free to switch to them
Meet the super switchers that make Â£ 1,000 the transfer of several bank accounts
They can look like regular people, sound like regular people, damn it, and even smell like regular people (to be honest, we haven’t verified). Yet hidden across the UK is a disparate tribe of lucrative super-switches.
Rightly so, they like to share their stories with us, like this one: âWe made Â£ 1,000 changing banks and used it to set up our garden. And discover the battle of the bank changers. Indeed, we even have some of these Clark Kent Taxes working in MoneySaving Towers.
It is not easy to do this. If you fancy joining the MoneySaving Elite, here are some quick tips to help you out:
– The easy route consists of multiple switches from your main account: You can just change your primary bank account multiple times, and once you have the free money, simply switch to a new account that meets all the criteria.
– Or recover one or more burner accounts: To get transfer money, you need to use the bank transfer services, and they will close your old account. So if you are looking to make multiple changes at once, or want to keep your main account, open any old naff account, so this is a burner account for the change.
Then once you have the new account, meet the minimum criteria until you get the free money or benefits and then use it to move on to the next one.
– Check if you need to change the direct debit: Most banks want you to change more than 2 direct debits, so be sure to split the direct debits and funding for them, so that they come out of every account (or burner account) you change. If you don’t have enough, set up a direct debit for a charity.
– Transfer money from one account to another to reach minimum monthly payments: Many accounts have these requirements, so it’s also a way of saying you’re paying your salary. Still, there’s nothing to stop you from running your money back and forth to meet the criteria, and then withdrawing it the next day.
Many successful super-switchers do this via standing orders a few days apart and use a spreadsheet to keep track of what’s needed.
Be very careful doing this if you have a big loan application coming up: A change of bank can be slightly negative for your creditworthiness for a few months, as some lenders like to see evidence of longevity. Still, multiple applications and a short banking mandate can seem really weird. So don’t do this if you have, say, a large demand for a mortgage or credit card that is due.