Martin Lewis has shared advice on how to manage bank accounts and earn extra cash, particularly for customers of major banks like Barclays, Lloyds, Halifax, and Santander.
Bank Switch Offers
Many banks offer one-off payments for switching accounts. Nationwide Building Society offers £175, Barclays £200, Santander £180, and NatWest £200. HSBC and First Direct also provide £500 and £200 bonuses, respectively.
A listener on his BBC podcast asked if she could open a spare account, switch a couple of direct debits, and still keep her Lloyds account for perks like cinema vouchers. Lewis confirmed this is possible and described it as a savvy money-saving method.
Using a 'Burner Account'
Lewis recommends setting up a basic current account with no perks, then moving it between providers to cash in on switch offers. This 'burner account' requires two direct debits and possibly a minimum deposit to qualify for bonuses.
He noted that many people have made thousands of pounds this way, including his team at Money Saving Expert. However, he advises checking terms and conditions each time and planning ahead.
