Martin Lewis says Santander and Nationwide customers can get free £1,100

Martin Lewis says bank acocunt holders can get £1100 instantly from the Co-op Bank, Santander, Nationwide, Lloyds and First Direct. The BBC Sounds podcast host and ITV The Martin Lewis Money Show star has promoted the free cash switching offers for customers.

He said: "The bank-switching market blows hot and cold. Six weeks ago there were none, now it's back with aplomb, with four banks willing to (legally) bribe you to switch. So unless your current bank tickles your toes and keeps you happy, consider switching to make some cash."

His MSE team added: "Switching's usually quick and easy. The bank's seven-working-day switch service will close your old account and auto-move your balance, standing orders & Direct Debits for you. After, any payments to your old account are auto-forwarded."

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MSE went on to say: "Done carefully, you can switch multiple times. Some even open 'burner accounts' just for switching. Full help, pros and cons in Make £100s or £1,000s switching banks. Many people do it, including some here in MSE Towers."

Replying to the guide, a reader said: "Switching for profit is OK if you want a quick cash fix, but other things need considering too; ie interest on savings rates, customer service, online outage problems, security, bank charges etc etc. It's always best to do your homework to see what best suits your needs.

"It's not just down to how much you can get "free" for switching." Another said: "You switch from a burner account to bank A, then from bank A to bank B, and then bank B to bank C and finally bank C to bank Z and there are no more banks to switch to. Each switch takes a month or two to profit from."

"Having done this, it is not "instantaneous" and takes some effort. It would be sensible to use burner accounts for this rather than using your main everyday account. The main account will have your track record of your mortgage payments etc. Once you've done the rounds of the main banks, that's the end of the road as they won't accept reapplications," a second said.