Our ‘fantastic little ruse’ added £975 to our bank accounts

A SAVVY couple have boosted their bank balances by nearly a thousand pounds between them using a “fantastic little ruse”.

Savvy mum Emma Lewry managed to bag herself a huge £575 in free cash from banks in just a few weeks.

The 39-year-old then helped her husband, Paul, 40, to nab himself a further £400 by carrying out the same current account trick between October and December last year.

Altogether, the couple boosted their savings by a whopping £975 just in time for Christmas.

The pair, who live in Exeter, Devon with their two girls, Evie aged seven and Esme four, found bagging the extra cash has helped their finances in the cost-of-living crisis.

She told The Sun: “We’ve definitely noticed things like food costs and energy bills going up.

“Higher costs are truly burning a hole in our household budget, so we’ve been looking for ways to boost income.”

Emma learned about the switching trick – where you can earn free money just from making bank moves – from a friend.

“A close mate had been doing it and earned hundreds of pounds,” said Emma, who runs education consultancy emmalewry.co.uk.

“I’d always viewed her as a bit of a financial whizz. But then I realised that I could do it too.

“My friend was super helpful, and left me a string of WhatsApp voice messages setting out exactly what to do.”

Banks and building societies regularly offer switching incentives in a bid to lure in new customers. This can be a quick and easy way of making extra cash.

“I’ve banked with NatWest for as long as I can remember, and couldn’t face the idea of closing that account,” said Emma.

“But when my friend explained that I wouldn’t have to – and could keep my main account and day-to-day banking untouched – it sounded like a fantastic little ruse.”

Emma followed the instruction to set up a new current account with her existing bank, with the sole intention of then switching to another offering the incentive.

“My first switch, in October, was from Natwest to Nationwide ,” said Emma.

“This required me to have two direct debits going out of the account. Having met the criteria, I qualified for the ‘switching freebie’ which was £200 at the time.”

Just two weeks later, the money-saving mum carried out her next switch. This time, moving to Lloyds to benefit from another £200 cash incentive.

“Once you’ve opened a new account, you just need to wait until you get the freebie,” she said.

“At this point, you can then move it again – to another bank that pays.”

As an additional bonus when Emma moved to Lloyds, she got six free Odeon cinema tickets.

“I managed to use three of these,” she said. “But I’m just kicking myself that I didn’t use them all before making my next switch – as the bank reclaims those tickets if you leave the account.

“This happened when I made my next switch, to First Direct, in December.”

While both the Nationwide and Lloyds switching incentives have been withdrawn, the First Direct one – which Emma nabbed – is still available, though you’ll have to be quick as it ends today (Friday 26 January).

If you have a bit of time to spare, it really is worth it. It’s an easy way to pocket some free money. it feels like a bit of a no-brainer

Emma Lewry

This gives new customers £175 when they move to its First Account.

You also get access to a regular saver which pays 7% on up to £300 a month. Many get a £250 interest-free overdraft, too.

“After this third switch, I’d bagged myself a total of £575,” said Emma.

“This helped me afford to go on a hen do – and to attend a wedding – and also meant I had some extra ‘free’ money to put towards Christmas.

“I knew the run-up to December 25 would be a very costly time for us.”

Emma was able to top up the family finances even further by getting her husband to follow in her footsteps.

“My husband holds his main account with Barclays,” she said.

“But I encouraged him to make the switch to Nationwide to bag £200, and then, a few weeks later, helped him switch to TSB, to net another £200.”

With £575 from Emma and £400 from her husband, the couple had an extra £975 sitting in their bank account ahead of the festive season.

Anyone feeling the festive pinch post-Christmas can boost their bank balance too.

As well as First Direct offering the perk, you can currently switch to TSB and bag £125, and another £90 cashback if you use the account for a year.

It’s worth acting fast as banks can pull these offers at short notice.

The couple made the money in less than three months.

“All it took was a few clicks,” said Emma.

“You barely have to lift a finger, I was able to carry out my first switch in around 15 minutes.

“Admittedly, the First Direct move did take a little longer, as I had to download the app, but it was still pretty quick.”

Emma has become especially money-conscious since quitting her job as a headteacher last summer to focus on building up her business. Prior to this, she’d was a school leader for 10 years.

“I stepped out of this role to go freelance – and to work with schools in a different capacity,” she said.  

“Running your own business does not come with the same security – so I’ve been looking for ways to boost income – and this one has been brilliant.

“If you’ve got a bit of time to spare, and are prepared to put in a little bit of effort, it really is worth it. It’s an easy way to pocket some free money. For me, it feels like a bit of a no-brainer.”

Emma adds that while she plans to stick with NatWest for her current account, it has been interesting to see how the customer service offered by the banks she’s opened new accounts with stacks up.

She said: “First Direct stands out as being really great at customer service, so I would consider moving my main banking there at some point in the future. It’s a good way to try before you buy.”

What to watch out for when switching

Many banks will stipulate that in order to qualify for any cash incentive the move must be made via the current account switching service (CASS).

With this free service, dedicated to those transferring their account, all you have to do is choose your new bank, and the rest of the legwork is done for you.

Lots of banks will also want you to move two or more active direct debits as part of the switch.

Others will stipulate that you must pay in a minimum amount within a certain time-frame after opening the account – or that you fund the account with a set amount each month.

This could rule out some lower earners.

Once you’ve made the move, there may be a requirement to remain with a bank for a certain number of weeks or months in order to get the cash freebie.

While there are no limits on the number of times you can switch, you do need to be aware that doing so on a regular basis can hit your credit score.

If you have multiple applications in a short time, a lender could view this as a lack of stability, meaning you’re less likely to get approved for a loan or other type of credit.

In fact, if you have an important need for credit – such as a new mortgage because you’re taking the first step onto the property ladder, say – it’s worth holding off from moving your current account for around six months beforehand.

Also note that switching bonuses are usually reserved for new customers.

This means you can’t keep going back to the same bank and expecting to get rewards.

Say, for example, you have already banked with HSBC, you may not be eligible for the switching bonus with First Direct as this is a ‘sister bank’ within the same group. The key is to read the Ts and Cs.

Before switching check all the details first, so you know what you need to do to get the bonus and don’t miss out.

Plus if you plan on using it as your main current account, check it also suits your needs – for example that you get good customer service or that you can get the overdraft you want, if you need it.

Jenny Ross, money editor at consumer group Which?, said: “The latest CASS figures show the power of offering financial incentives for switching, but it’s important to take into account other factors like complaints handling, mobile and online banking service, customer service and local branch closures.

“Some of the banks with the highest number of switches were near the bottom of Which?’s current account customer satisfaction rankings, meaning some customers could end up regretting their decision long after the switching cash has been spent if they overlook crucial service quality indicators.”