Money expert Martin Lewis has revealed a ‘mule’ bank account trick which you can use to get over £1,000 free cash from banks including Santander, Lloyds and First Direct.
The money maestro returned on ITV1 on Tuesday night with another bevvy of top money savvy deals, tips and hacks including one on the extremely lucrative bank switching market that’s currently offering big money to customers of various banks.
During the ITV1 and ITVX show, Martin heard from one of his fans who told him how she had made £575 by following his tips on bank switching and bouncing around various accounts to claim the free cash bonuses. It went so well that she ended up spending the cash on a free holiday.
She told him: “I just wanted to say thankyou to Martin for the bank switch information on his show. I did three bank switches and got £575. I used the cash on a long awaited four night break in the beautiful city of Krakow. Free holiday, thanks again.”
Martin added that right now, Santander is offering switchers a free £175 to change to its accounts, which also has added perks like a 7% Edge savings account, and 1% monthly cashback worth about £80-100 more per year on top.
First Direct and Lloyds are also both offering £175 each, and there is nothing stopping you jumping from one to another for as long as the deals remain active (and then hopping further to more deals later down the line from other banks).
Martin then explained how you can set up a ‘mule’ bank account to score free bonuses. He said: “Krakow is cracking, that’s like the perfect success for a show about holidays. Just noting, you can switch multiple times as long as you meet the criteria, though it can affect your credit score. So if you’re about to apply for a mortgage don’t do it.
“Some people even set up a ‘mule’ bank account, just a pants bank account, they then have a main account but they use the mule account to switch, just so they can keep getting the bonuses as long as they keep meeting the criteria.
“I know some people who made well over a grand just from switching accounts like that.”
