Martin Lewis applauds fan who made £800 free cash with 'simple' action
15.11.2023 - 18:39
/ manchestereveningnews.co.uk
A Martin Lewis fan was applauded for racking up free cash worth £800 over the years using a trick that the money-saving expert often champions himself. Mr Lewis regularly urges his fans to take advantage of the perks banks offer for switching accounts, which often include a one-off bonus payment.
During Tuesday night's episode of the Martin Lewis Money Show on ITV, Mr Lewis shared his top picks for banks that currently offer free cash for switching. Banks regularly offer cash bonuses, sometimes as much as £200, to new customers who agree to turn an existing account with a rival bank into a new account with them using the Current Account Switch Service (CASS).
But one member of the studio audience was keen to know whether any of the banks highlighted by the show would offer a switching bonus to someone who was already an existing customer. Ed, who described himself as a "serial switcher", said he had already made hundreds simply from using the trick.
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Mr Lewis highlighted four banks currently offering switching bonuses - Lloyds, whose offer expired at midnight last night, Nationwide, which offered the biggest bonus of £200, First Direct, who Mr Lewis said was "famous for customer service", and Barclays, whose new offer is a 'first ever' for the bank, according to the show.
Despite most banks only offering the cash to new customers, Mr Lewis said that both Lloyd's and Nationwide would offer existing customers the cash if they switched an old account to their current one, as long as they hadn't already claimed a cash bonus in recent years. Luckily for Ed, despite