Meet the Super switchers that make £ 1,000 from moving multiple bank accounts
They can look like ordinary people, sound like ordinary people, hell, even smell like ordinary people (to be fair, we didn’t check). However, there is a very diverse tribe of money-making super changers hiding across the UK.
They are rightly happy to share their stories like this: “We made £ 1,000 on bank bills and looked after our garden with it.” And read about the battle of the bank changers. In fact, we even have some of these fiscal Clark Kents working in MoneySaving Towers.
It is not easy to do this. However, if you want to join the MoneySaving elite, here are a few quick tips:
– The easy way is multiple switches of your main account: You can just switch your main bank account multiple times, and once you have the free money, just switch to a new one that meets all of the criteria.
– Or grab one or more burner accounts: To change cash, you need to use the exchange services of the banks that are closing your old account. So if you want to make multiple switches at the same time or want to keep your main account, open an old Naff account, so it’s a burner account to switch.
Once you have the new account, meet the minimum criteria until you get the free cash or perks and then use it to move on to the next account.
– Check whether you need to switch direct debits: Most banks want you to switch 2+ direct debits. So make sure you distribute debits and deposits for them so they come from every account (or burner account) you switch. If you don’t have enough, set up a charity direct debit.
– Transfer money from account to account to meet minimum monthly deposits: Many accounts have these requirements, sort of a way of saying you are paying in your salary. But you can’t transfer your money from one to the next to meet the criteria and then withdraw it the next day.
Many successful super-switchers do this with standing orders every few days and use a table to keep track of what is needed.
Be very careful when you have a large loan application: A single bank draft can easily negatively affect your credit score for a few months as some lenders like to see evidence of longevity. But multiple applications and short-lived banking transactions can look very strange. So don’t do this if, for example, an important mortgage or credit card application is due.