How I plan to make £225 in 30 minutes

I never thought we would see the day again where banks had enough money to be throwing it at us to win our business, but 18 months after the beginning of the pandemic here we are.

Bank switching offers are my bread and butter as this is what got me into finance. In 2018, I opened a bank account stuck £1 in it and then got paid £125 for switching this to NatWest. For 5 minutes work!

Now, in 2021, my opinion on this differs slightly but the premise is still the same. 

With my credit score sitting pretty at 995/999 I am going to go on a bit of a rampage this month with opening new current accounts because you have to make hay while the sun is shining.

There are currently bank switching offers worth £645 in total right now. Albeit some of them don’t pay you fully in cash, but that is besides the point.

So I plan to take full advantage of these offers, starting with my favourite of the lot;

Nationwide - £125 Existing Customer offer

I already have my main current account with Nationwide and don’t plan on moving so this one is a no brainer. So how am I going to switch my account into my existing one?

A 15 minute phone call with Nationwide customer support answered this very question, here goes;

1. Open a new current account with NatWest (Select Account)

2. Pay in £5 into this account

3. Set up two £2 direct debits to charities to trigger the terms

4. Allow the amounts to be taken from the account

5. Switch this account into my existing FlexDirect

6. Receive £125 within 10 days

Lloyds - £100 New Customer offer

I am choosing this one over the others as it is far easier to complete, considering there are no requirements to have active direct debits. So here is how I will do this one;

1. Open a new account with Nationwide (FlexAccount)

2. Transfer £10 into this account

3. Open a Club Lloyds Account and switch this FlexAccount into it

4. Set up a standing order to transfer £1,500 into Club Lloyds the day after pay day

5. Set up a standing order to transfer £1,500 out of Club Lloyds the day after that

6. Steps 4 and 5 will allow the £3 monthly fee to be removed

7. Received £100 within 3 days and 6 free cinema tickets too!!

If you want to see what other bank switching offers are available in the UK right now, be sure to check them all out here.