Money Saving Expert Martin Lewis says you can get £900 instantly from four banks

Martin Lewis
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Money-saving guru Martin Lewis has highlighted a banking war as major household names offer large cash incentives to entice customers to switch. He revealed that four banks - Santander, First Direct, Lloyds and TSB - are currently offering £175 each to persuade customers to switch to them, with other banks expected to follow suit.

In addition, Nationwide is offering £200 to some existing customers if they switch accounts held with other financial institutions to the building society. This means there's a total of £900 currently up for grabs for customers willing to switch banks.

Martin Lewis explained that this situation has allowed some savvy consumers to cash in to the tune of thousands of pounds by becoming super switchers - constantly swapping between banks in order to receive a payment.

Some are even setting up so-called 'burner accounts' that they can use as a tool to switch between banks in order to claim a windfall, reports the Express. These super switchers also employ a second tactic, known as stoozing, which takes advantage of an introductory interest-free period offered by a credit card company to borrow money for investment elsewhere.

One follower of the website, identified as Simon, shared: "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."