Martin Lewis urges millions of bank customers to 'switch' for free £3,000

James Rodger

5 June 2024 at 9:43 am·2-min read

Martin Lewis' Money Saving Expert has explained how switching bank accounts could leave bank account holders and customers an eye-watering £3,000 better off. BBC Sounds podcast host Mr Lewis shared the advice in the latest MSE newsletter this week.

ITV regular Mr Lewis explained: 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.

"And to show you how well it can work (as part of a carefully controlled money-making system)." Simon emailed MSE to say: "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.

"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."

The top bank account pick currently is the Santander offer of a free £175, plus 7% easy-access savings, 1% bills cashback and a top overseas debit card. As well as the free cash, switchers to the Edge account, which costs £3/mth, get two sets of cashback, on bills and groceries.

Open Santander Edge and you can access its linked one year 7% savings for up to £4,000, easily beating the top normal easy-access account. The Edge debit card also has no foreign exchange fee when you spend abroad, so you get the same near-perfect exchange rate as the bank does.

MSE says: "Once you're a customer, you can apply for its Edge credit card which pays an unbeatable year-long 2% cashback on almost all UK & overseas spending, up to a max £15/mth (again for a £3/mth fee). Of course, only do this if you'll pay off the card IN FULL each month to avoid the 29.8% rep APR interest."

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What happens in first 72 hours for a new PM

Martin Lewis urges millions of bank customers to 'switch' for free £3,000

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