The Money Saving Expert advised people to switch bank accounts if they fancied some free cash. He shared that the different banking providers offer deals and money to people who switch over to them.
Kate Lally, a reporter for The Liverpool Echo, decided to give it a go and was thrilled when it worked without a hitch.
She opted for the Halifax Reward account, as it offered a £125 bonus for opening the account.
In addition to this, if she pays £1,500 into the account each month she will receive a monthly reward of £5, a cinema ticket, digital magazines or film rentals.
Kate opted for the £5 per month – meaning she will receive an additional £60 cash from Halifax this year, too.
This was the first time she had switched banks since opening her first one with Santander at 15.
Having previously thought that switching banks would be a hassle, she was pleasantly surprised by how easy it was and it only took a matter of minutes.
She believes that banks have realised that a complicated switching process would be unappealing.
All she needed to do was inform Halifax of her intention to switch providers and fill in her personal details.
Halifax then notified Santander on Kate’s behalf and moved all her direct debits across from the old account.
Finally, she informed her employer that her bank details had changed (to ensure her wages landed in the correct place) and that was it.
After a few days, she had £125 in her new account – and with the monthly reward, there is more free cash to come.
You can view the current deals on offer by checking out the Money Saving Expert website here.