Martin Lewis has revealed how customers with major banks such as Barclays, Lloyds, Halifax, and Santander can potentially earn extra cash. Speaking on his podcast, available on BBC Sounds and Apple Music, the MoneySavingExpert.com founder answered a question about switching banks.
Bank Switching Strategy
A listener currently banking with Lloyds said some switching offers had caught her eye. She wanted to know if she could open a spare account just by switching a couple of direct debits and meeting other criteria, keeping her Lloyds account as her main one while still receiving the bonus from the new bank.
Martin said: "Everything you say is absolutely possible and is the textbook way for savvy money savers to do this." He added: "You've got to check the terms and conditions each time, but there are lots of people who do this and who make thousands of pounds." He advised starting by opening a basic current account with no added frills or perks, so it can be moved easily when cashing in on a switch offer.
Lloyds Rewards Changes
Lloyds is making a rewards change for Lloyds, Halifax, and Bank of Scotland customers. The bank says Lloyds Rewards can help customers be £2,026 a month better off. Each month, 50 customers will be selected at random to each win £2,026. To be eligible for the prize draw, customers must pay at least £1,000 in the calendar month.
There will be other prize draws too, with 50 customers winning £50 by visiting the app three times a month. Another draw offers a trip to Disneyland Paris, and there is also a chance to win £5,000.
What Lloyds Rewards Offers
Paul Wilkinson, Rewards Director at Lloyds, said: "We've created Lloyds Rewards to expand the ways customers can make their bank account work harder, and their money go further. From prize draws and cashback to discounts and challenges, we're helping people get something back from their everyday spending. There is so much on offer that there really is something for everyone."
The bank adds: "Whether going to the cinema alone is your guilty pleasure, you enjoy watching stories that stay with you on Disney+, love to cosy up with your favourite magazine, or perhaps your day doesn't officially start until your first coffee, this club has got you covered. You must have a Club Lloyds current account open before you can choose your Lifestyle Benefit. This includes our Club Lloyds Silver and Club Lloyds Platinum accounts."
