Compare Mobiles
Searching
Viewing latest Search
in

Search

Start typing in the search box and your results will appear here.
Blog
I got the banks to give me £805 for free - and so can you!

I got the banks to give me £805 for free - and so can you!

21 Dec 16
by John John

It used to be that people would stay with their bank for life. These days it's a lot easier to switch - give them your old bank details when you join and the process is mostly automated and quick.

Not only is it easy, the banks are desperate to lure us into switching with joining incentives of £100+.

By simply switching between banks you can take advantage of these offers in exchange for free money. Save up and then use it to take yourself on a nice holiday courtesy of the banks.

My strategy

The banks require you to meet their offer terms for switching. Usually that you transfer at least 2 direct debits and pay in a minimum amount each month.

I always have at least two current accounts: my main current account that I use as normal, and a second rotating bank account as my “switcher” with two small and predictable direct debits (currently a subscription and TV licence).

If you have a second bank account you rarely use, switch two direct debits over now so it's ready to be offered up in sacrifice for free money. If you don't, set up one now with a bank that hasn't historically offered switching incentives such as Barclays.

I personally do around 1 switch per year, as the bank does a credit search which can impact your rating. More regular switches would probably be fine, but be wary of the impact of a lot of activity in a short space of time, particularly if you're going to be getting a new mortgage.

Switching bank account is a hassle, but a very small one considering the reward. Meeting the minimum payment can be as easy as transferring the required amount back and forth once each month between your main and switcher account - even easier if you set it up just once as standing orders. If you don't have the full amount you can just switch a smaller amount back and forth multiple times.

My average experience has been 15 minutes to join, and then 5 mins maintenance in each of the first 6 months to meet the joining criteria. That's around 45 mins work for £100+ reward! Just think, if your boss offered you the chance to come in for an extra hour for that money, would you take it!? It doesn't matter that it is free or a bonus, money is money and you should always treat it as such.

Past deals

Here's a list of the deals I have taken so far.

Oct 2011Santander£100 + £55.55 Quidco
June 2012Halifax£100
Apr 2013First Direct£100 joining + £100 leaving
Feb 2014Coop£100
Oct 2015Yorkshire Bank£150
Feb 2016TSB£100

That's over £800 just for switching banks - beyond christmases and birthdays the easiest money I have ever made!

Current Deals

Deals come and go fairly regularly, so I just take the best suited to me at the time. Here is the current selection (as of 14th December 2016). Most banks will only pay a switching bonus once.

BankRewardRequirements (check incase changed)
M&S Bank
  • £100 for joining
  • £120 for staying 12 months
  • paid as gift card.
  • Within 3 months switch an account with 2 active direct debits for £100 (easy!)
  • Keep 2 active and pay in £1000 for an extra £10 each month.
Halifax
  • £100 for joining
  • £36 additional each year.
  • Fully switch and close an old account (no minimum direct debits)
  • Get an extra £3 (£5 until Feb 2017) each month you have two direct debits and pay in £750.
First Direct
  • £100 for joining
  • £100 for leaving!
  • Fully switch and close an old account (no minimum direct debits)
  • Pay in £1000 each month and cancel your account (giving any reason) between months 6 and 12 for £100 leaving bonus.
Nationwide
  • £100 for joining
  • £22 Quidco
  • a friend gets £100 too.
  • Must be recommended by someone with a FlexAccount, FlexDirect or FlexPlus account.
  • Within 90 days of recommendation switch an account with 2 active direct debits.
Final thoughts

Do not feel guilty. The banks make a lot of money out of you and offer these incentives because it is profitable for them to do so. They are banks - this is not an act of charity.

I've been a bank slut for over 5 years and it feels great! Give it a go now.

Make sure you like and follow us below for more deal updates and ways to save money.


Become more popular. Share this now
No comments
Loading
Compare
FREE Samsung Galaxy S8 + Unlim mins + 1GB data + Amazon Voucher (worth £20)
5+++ stars Pick

FREE Samsung Galaxy S8 + Unlim mins + 1GB data + Amazon Voucher (worth £20)

£28.50pm x 24
Our deal engine finds the best mobile deals. Confirm before ordering. Cashback deal. 50m ago
Become more popular. Share this now
Loading
Deal
Nerf Battle Racer
3 stars +101

Nerf Battle Racer

£149.98 costco10 Oct 17
Source: HotUKDeals | Deals > Kids
Would this be useful? Tell someone
Loading
Deal
PS4 Sony Dualshock 4 V2 Controller Jet Black 365Games
4 stars +357

PS4 Sony Dualshock 4 V2 Controller Jet Black 365Games

£29.99 365 Games10 Oct 17
Source: HotUKDeals | Deals > Entertainment
Share now with someone who'll love it
Loading
Perfect for a friend? Share now!
Source: HotUKDeals | Deals > Kids
Would this make someone happy? Pass it on
Loading
Become more popular. Share this now
Source: HotUKDeals | Deals > Groceries
Share this with somebody now
Loading
Would this be useful? Tell someone
Deal
Blondie - Parallel Lines on vinyl purehmv members
3 stars +155

Blondie - Parallel Lines on vinyl purehmv members

£8.99 HMV 10 Oct 17
Source: HotUKDeals | Deals > Entertainment
Spread the word - don't keep it to yourself
Loading
Would this be useful? Tell someone
Source: HotUKDeals | Deals > Kids
Perfect for a friend? Share now!
Loading

Oct 2017

Deal
Embr icon pack - free
3 stars +122

Embr icon pack - free

Google Play10 Oct 17
Source: HotUKDeals | Deals > Mobiles
Would this be useful? Tell someone
Loading
Deal
Paulaner Munich Hall beer 5 litre keg
3 stars +151

Paulaner Munich Hall beer 5 litre keg

£9 Waitroses10 Oct 17
Source: HotUKDeals | Deals > Groceries
Become more popular. Share this now
Loading
Become more popular. Share this now
Deal
Costco fuel Edinburgh now open - petrol 110.9 diesel 112.9
3 stars +143

Costco fuel Edinburgh now open - petrol 110.9 diesel 112.9

costco10 Oct 17
Source: HotUKDeals | Deals > Other
Become more popular. Share this now
Loading
Share now with someone who'll love it
Deal
Wrapping paper
3 stars +133

Wrapping paper

£0.48 Tesco10 Oct 17
Source: HotUKDeals | Deals > Other
Perfect for a friend? Share now!
Loading
Source: HotUKDeals | Deals > Travel
Know someone who'll love this? Share now!
Loading
Would you want to be told about this? Share it
Deal
Bluetooth Speaker, Anker SoundCore nano Sold by AnkerDirect - Lightning deal
4 stars +300

Bluetooth Speaker, Anker SoundCore nano Sold by AnkerDirect - Lightning deal

£6.99
£3.99 P&P + options Amazon UK10 Oct 17
Source: HotUKDeals | Deals > Technology
Perfect for a friend? Share now!
Loading
Share now with someone who'll love it
Source: HotUKDeals | Deals > Travel
Want it bought for you? Tell someone
Loading
Spread the word - don't keep it to yourself
Source: HotUKDeals | Deals > Entertainment
Would this make someone happy? Pass it on
Loading
Would this be useful? Tell someone
Deal
Sherwoods Curry Sauces. Various Flavours
3 stars +115

Sherwoods Curry Sauces. Various Flavours

£0.87 Tesco10 Oct 17
Source: HotUKDeals | Deals > Groceries
Share this with somebody now
Loading
Source: HotUKDeals | Deals > Travel
Spread the word - don't keep it to yourself
Loading
Want it bought for you? Tell someone
Deal
XCOM 2 for the PC
3 stars +199

XCOM 2 for the PC

£11.20 Greenman Gaming10 Oct 17
Source: HotUKDeals | Deals > Entertainment
Perfect for a friend? Share now!
Loading
Share now with someone who'll love it
Source: HotUKDeals | Deals > Kids
Share this with somebody now
Loading
Want it bought for you? Tell someone
Deal
Google PIXEL XL 32 GB Sim Free - Black @ Currys Pc World & Carphone Warehouse
3 stars +187

Google PIXEL XL 32 GB Sim Free - Black @ Currys Pc World & Carphone Warehouse

£399.99 Currys10 Oct 17
Source: HotUKDeals | Deals > Mobiles
Would this make someone happy? Pass it on
Loading
Want it bought for you? Tell someone
Compare
FREE Samsung Galaxy S8 + Unlim mins + 30GB data
5+++ stars Pick

FREE Samsung Galaxy S8 + Unlim mins + 30GB data

£35.79pm x 24
Our deal engine finds the best mobile deals. Confirm before ordering. Cashback deal. 24m ago
Would you want to be told about this? Share it
Loading
Deal
The Firm (game) now FREE
3 stars +168

The Firm (game) now FREE

£0.84 Google Play10 Oct 17
Source: HotUKDeals | Deals > All categories
Share now with someone who'll love it
Loading
Deal
Original Xiaomi Mi Robot Vacuum - LDS SLAM / Intelligent Route / Planning App w/code
Source: HotUKDeals | Deals > All categories
Know someone who'll love this? Share now!
Loading
Want it bought for you? Tell someone
Deal
Bedsheets - King Size/Doubles/Single for kids
3 stars +122

Bedsheets - King Size/Doubles/Single for kids

£2 Poundland10 Oct 17
Source: HotUKDeals | Deals > All categories
Want it bought for you? Tell someone
Loading
Know someone who'll love this? Share now!
Deal
Apple Airpods to £129
3 stars +188

Apple Airpods to £129

£129 £159 BT Shop10 Oct 17
Source: HotUKDeals | Deals > Technology
Would you want to be told about this? Share it
Loading
Would this be useful? Tell someone
Deal
OFFICIAL LEGO STAR WARS 2018 ANNUAL
3 stars +150

OFFICIAL LEGO STAR WARS 2018 ANNUAL

£2.99
Instore Home Bargains10 Oct 17
Source: HotUKDeals | Deals > Kids
Want it bought for you? Tell someone
Loading
Deal
National Curry Week M&S Indian Takeaway Deal - with decent veggie options too
Source: HotUKDeals | Deals > Groceries
Would you want to be told about this? Share it
Loading
Want it bought for you? Tell someone
Deal
Resident evil origins collection (PS4)
3 stars +128

Resident evil origins collection (PS4)

£13.85 Base.com10 Oct 17
Source: HotUKDeals | Deals > Entertainment
Would this make someone happy? Pass it on
Loading
Spread the word - don't keep it to yourself
Deal
TSB credit card 0% on balance transfers for 28 months, fee-free, plus potential cashback
Source: HotUKDeals | Deals > All categories
Would you want to be told about this? Share it
Loading
Would this be useful? Tell someone
Deal
KENWOOD MINI CHOPPER - £6
3.5 stars +281

KENWOOD MINI CHOPPER - £6

£6 £24 Tesco Direct10 Oct 17
Source: HotUKDeals | Deals > All categories
Would this be useful? Tell someone
Loading
Deal
JPEG Optimizer PRO with PDF Support now FREE
3 stars +143

JPEG Optimizer PRO with PDF Support now FREE

£1.79 Google Play10 Oct 17
Source: HotUKDeals | Deals > Technology
Want it bought for you? Tell someone
Loading
Would this make someone happy? Pass it on
Deal
PowerAudio PRO Music Player now FREE
3.5 stars +207

PowerAudio PRO Music Player now FREE

£0.89 Google Play10 Oct 17
Source: HotUKDeals | Deals > All categories
Share this with somebody now
Loading
Share this with somebody now
Source: HotUKDeals | Deals > Entertainment
Would this make someone happy? Pass it on
Loading
Spread the word - don't keep it to yourself
Deal
[Xbox One] Q. u. b. e: Director's Cut on Deals with Gold
3 stars +101

[Xbox One] Q. u. b. e: Director's Cut on Deals with Gold

£2 Microsoft Store10 Oct 17
Source: HotUKDeals | Deals > Entertainment
Know someone who'll love this? Share now!
Loading
Source: HotUKDeals | Deals > Mobiles
Perfect for a friend? Share now!
Loading
Spread the word - don't keep it to yourself
Deal
Kids Foldaway Seat And Storage Box C&C
3 stars +182

Kids Foldaway Seat And Storage Box C&C

£4 £7 The Works10 Oct 17
Source: HotUKDeals | Deals > Kids
Know someone who'll love this? Share now!
Loading
Deal
Washing up bowl / coloured tub Asda
3 stars +159

Washing up bowl / coloured tub Asda

£0.10 George (Asda George)10 Oct 17
Source: HotUKDeals | Deals > All categories
Would this make someone happy? Pass it on
Loading
Share now with someone who'll love it
Deal
Ultimate Rotary Can Opener - WHITE AND GREEN with code
3 stars +141

Ultimate Rotary Can Opener - WHITE AND GREEN with code

£0.68 GearBest10 Oct 17
Source: HotUKDeals | Deals > All categories
Would this be useful? Tell someone
Loading
Know someone who'll love this? Share now!
Deal
Pyrex square dish 21cm x 21cm
3 stars +170

Pyrex square dish 21cm x 21cm

£0.50
Instore Morrisons10 Oct 17
Source: HotUKDeals | Deals > All categories
Would this make someone happy? Pass it on
Loading
Source: HotUKDeals | Deals > Kids
Become more popular. Share this now
Loading
Compare
FREE Microsoft Lumia 950 + Unlim mins + 20GB data
5+++ stars Pick

FREE Microsoft Lumia 950 + Unlim mins + 20GB data

£35pm x 24
Our deal engine finds the best mobile deals. Confirm before ordering. 50m ago
Know someone who'll love this? Share now!
Loading
Source: HotUKDeals | Deals > Kids
Know someone who'll love this? Share now!
Loading
Deal
Whyte & Mackay Special Blended Scotch Whisky 70cl
3.5 stars +210

Whyte & Mackay Special Blended Scotch Whisky 70cl

£10 Sainsburys10 Oct 17
Source: HotUKDeals | Deals > Groceries
Would this be useful? Tell someone
Loading
Would you want to be told about this? Share it
Deal
Huawei Smart Watch with Link Band Silver
3.5 stars +294

Huawei Smart Watch with Link Band Silver

£149 Huawei Honor Store10 Oct 17
Source: HotUKDeals | Deals > Fashion
Know someone who'll love this? Share now!
Loading
Would you want to be told about this? Share it
Deal
ASUS G11CD Gaming PC
4 stars +361

ASUS G11CD Gaming PC

£499.97 Currys10 Oct 17
Source: HotUKDeals | Deals > Entertainment
Would this make someone happy? Pass it on
Loading
Would this be useful? Tell someone
Deal
iPhone lightning cable - super cheap (C&C)
3.5 stars +218

iPhone lightning cable - super cheap (C&C)

£1.97 Currys10 Oct 17
Source: HotUKDeals | Deals > Mobiles
Become more popular. Share this now
Loading
Perfect for a friend? Share now!
Source: HotUKDeals | Deals > All categories
Would this make someone happy? Pass it on
Loading
Deal
Xbox One Elite controller PLUS either Middle-earth: Shadow of War or Forza Motorsport 7
Source: HotUKDeals | Deals > Entertainment
Would this make someone happy? Pass it on
Loading
Become more popular. Share this now
Deal
Lego Friends Calender
3 stars +168

Lego Friends Calender

£15.98
£3.99 P&P + options Amazon UK10 Oct 17
Source: HotUKDeals | Deals > Kids
Would this be useful? Tell someone
Loading
Deal
Double LEGO VIP Points
3 stars +179

Double LEGO VIP Points

Lego10 Oct 17
Source: HotUKDeals | Deals > Kids
Know someone who'll love this? Share now!
Loading
Perfect for a friend? Share now!
Deal
Graco Fast Action Fold Travel System in Bowtie Bear @ Tesco Direct (more in OP)
3 stars +106

Graco Fast Action Fold Travel System in Bowtie Bear @ Tesco Direct (more in OP)

£98 £200 Tesco Direct10 Oct 17
Source: HotUKDeals | Deals > Kids
Share now with someone who'll love it
Loading
Deal
Gears Of War 4 Steelbook Edition (Xbox One) (Open Box)
3 stars +129

Gears Of War 4 Steelbook Edition (Xbox One) (Open Box)

£12.99 Studentcomputers.co.uk10 Oct 17
Source: HotUKDeals | Deals > Entertainment
Share now with someone who'll love it
Loading
Spread the word - don't keep it to yourself
Deal
The Body Shop Sale Now On Plus 50% Code when you spend
3.5 stars +288

The Body Shop Sale Now On Plus 50% Code when you spend

£40
Free P&P 10 Oct 17
Source: HotUKDeals | Deals > Fashion
Share this with somebody now
Loading
Would this be useful? Tell someone

Top rated

from the last