A fan of Martin Lewis has explained how he and his wife made £375 by switching bank accounts - and it’s easy to do.
High street lenders regularly offer “switch bribes” to encourage you to ditch your current bank and move over to them instead.
The top-payers right now - Nationwide and HSBC - will give you £200 for your service. You could even get the cash before Christmas.
But before you switch, you will need to meet certain eligibility requirements first to get the reward money.
For example, you often need to be a new customer, or pay in a certain amount of money.
You also normally need to complete the switch through the Current Account Switch Service (CASS).
Martin Lewis fan Andy shared his bank bribe success story on the Martin Lewis Money Show Live on ITV this week.
“Hi Martin. Wife and I both swapped our bank accounts. Now £375 up. Thanks,” he said in a tweet to the MoneySavingExpert founder.
We explain the latest bank switch deals:
Nationwide - £200
Nationwide is paying £200 to customers who move their current account to its FlexPlus, FlexDirect or FlexAccount.
You must be switching from a non-Nationwide account to get the money - and have not switched a current account to Nationwide since August 18, 2021.
Once you have requested the switch, you then need to move over at least two direct debits within 60 days.
The Nationwide FlexDirect is free to keep open and it offers both 5% fixed interest on up to £1,500, plus a 0% overdraft, for 12 months.
After one year, arranged overdrafts are charged at 39.9% EAR variable.
You pay £13 a month to keep open a FlexPlus account but it comes with worldwide travel, mobile phone and European breakdown cover.
Nationwide hasn't said if there is an end date to this offer. The £200 is paid within 10 days.
HSBC - £200
HSBC is rewarding new customers with £200 if they switch to its HSBC Advance account.
To get the cash, you can't have had an HSBC current account, or opened one with its sister bank First Direct, since January 2019.
You will also need to pay in at least £1,500 to get the bonus - but the account doesn't come with a minimum monthly pay-in.
The HSBC Advance account comes with an arranged overdraft that is interest-free for the first £25, then 39.9% EAR variable after that.
Unarranged overdrafts are also charged at 39.9% EAR variable, up to a maximum of £20 a month.
You also get access to the HSBC Online Bonus Saver savings account, which pays 3% on up to £10,000.
The £200 from HSBC is paid within 20 days.
First Direct - £175
Switch your current account to First Direct, and you could bag yourself £175.
You'll need to open a 1st Account and switch another account into it within three months, plus pay in at least £1,000, to get the money.
It has to be a non-First Direct account that you're switching from.
Accounts with HSBC (which is its sister bank) are allowed, but only if it was opened before January 2019.
The 1st Account has an arranged overdraft that charges 0% EAR variable on up to £250 - or 39.9% EAR variable above this amount.
Unarranged overdrafts are also charged at 39.9% EAR variable, up to a maximum of £20 a month.
If you're got savings, many also get access to a linked regular saver which pays 3.5% interest on up to £300 a month.
The £175 is paid within 28 days.
Or if you just open a 1st Account - so don't go through with the entire switch process - and you use mobile or online banking within three months, you'll get £20.
TSB - £100
Open a new TSB Spend & Save account and get £50 upfront - then boost this by another £50 by actively using the account.
The bonus will be paid to those who haven't had a switch bonus from TSB since October 2022.
You must also be switching from a non-TSB current account.
To get the first £50, you need to open a new account by December 16, 2022, and complete the switch by January 13, 2023.
You then need to make a purchase using the debit card, log on to mobile banking and have at least two direct debits.
The £50 will be paid by February 10, 2023.
The extra £50 on top will then be issued to those who, between February 1 and July 31, 2023, use the debit card five times, pay in £500 and have two direct debits.
The final £50 bonus will be in your account by August 31, 2023.
