Martin Lewis' MSE says millions could get free £3,000 thanks to 'legal bribe'

Martin Lewis has revealed how "legal bribes" are leaving people in the UK £3,000 better off. The BBC Sounds podcast and ITV star's Money Saving Expert (MSE) team have explained how bank account switching can save people THOUSANDS.

Bank and building societies "legally bribe" you by offering cash incentives to new customers to encourage them to move their money, MSE explained. One reader Simon and his wife undertook 10 bank switches across one year, he said in an email to MSE.

It brought in £3,000 which they then used to pay for a family holiday. The email said: "Over 12 months my wife and I undertook 10 bank switches, managed our spending through stoozing, and made sure we used cashback sites for purchases.

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"Through these methods, we managed to amass £3,000 which we used to pay for a seven-day family holiday in Rome, which we loved. We managed this all through the help of MSE. Thank you MSE for paying for our holiday - we'd not have been able to go to Rome without your help."

MSE explained: "When switching account to get a switch bonus, you'll need to close and switch an old account using CASS. This is done through the new bank you're switching to. All payments, Direct Debits and standing orders are switched over to the new account.

"You'll usually need to fulfil certain criteria to qualify, such as depositing a certain amount (either as a one-off or monthly), using the bank's app, or opening one of its linked savers. It's important to check this criteria carefully before switching, as failure to complete any of the steps will mean you don't get the switch bonus."

Some account types won't qualify for switch bonuses – for example, current accounts linked to a mortgage, MSE went on to advise its subscribers.