Viewers of Martin Lewis: Extreme Savers were shown how a man made £4,000 towards his house deposit by switching bank accounts multiple times.
Savvy saver David Buckeridge revealed that he continually switches bank accounts to make the most of their introductory offers, even being paid £100 for leaving one bank after having already been paid a further £150 when he joined it.
He revealed on the show: ‘I would estimate that I have made around £1600 so far, and that doesn’t include some of the referrals I made from referring some of my friends and family to do exactly the same thing.
‘It doesn’t even include the ongoing interests, so compared to if I just left things as they were and kept with my old faithful account, I’ve made £4,000 more.
‘I was able to put down a deposit on my first house and there’s no way I would have been able to do that without the bank switching.’
David added: ‘In the last five to six years I’ve managed to switch banks 15 or 16 times, which has helped me to ultimately buy my first house.’
He revealed that he made the impressive sum through a variety of incentives banks offer to get customers to switch their main account to them rather than a competitor.
These can range from upfront switching bonuses where an amount is paid when you open the account, ongoing monthly rewards and even a cash incentive if you leave the bank, made by one that was so sure their customers would be so happy with the service that they would not want to switch to another.
While it sounds simple enough in theory, there are often caveats to how much money you must deposit into your account each month in order to qualify, which can mean there is a lot of admin to make sure all the benchmarks are being hit.
Martin also warns that while it can seem a good way to make some cash, switching banks too often can have a negative impact on your credit rating, so is not a good idea to do repeatedly before applying for credit in the form of a mortgage or a loan.
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