Martin Lewis tells customers how to earn £1,100 instantly by switching banks

Martin Lewis, the financial journalist and television and radio presenter, has encouraged bank account holders to switch banks to instantly receive up to £1,100 from the Co-op Bank, Santander, Nationwide, Lloyds, and First Direct.

In his Money Saving Expert newsletter, Mr Lewis wrote: "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 team at Money Saving Expert 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 and Direct Debits for you. After, any payments to your old account are auto-forwarded."

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Money Saving Expert further advised that customers can switch banks multiple times. Some individuals even open 'burner accounts' solely for switching purposes.

In response to the guide, a reader commented: "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," reports Birmingham Live.

In banking discussions, one person offered: "It's not just down to how much you can get 'free' for switching." They continued: "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."

Another added: "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."