Cashing in on the system
Fancy making some quick cash, possibly £1,000s? I know I sound like worst type of spam advert on the internet, promising riches. Yet if you’re prepared to play the system, there are legit ways to make money – and some can pay at speed.
However, if you’re prepared to play the system, there are ways to make money – and some can pay at speed. RecentlyinMoneySaving Towers, I heard two of my team, Sarah and Megan, comparing who made more from being bank tarts. Don’t worry, I’m not being rude, that’s what you call anyone who repeatedly switches to get free cash (Sarah’s £825 topped Megan’s £800).
I’ve collated a host of different ways to speedily stuff cash in your coffers. Better still, start now and many of these techniques could yield a stash in time for Christmas.
1. Free £150+ for switching to a better bank account
The fierce competition in the banking market means some bribe you to switch. As often these are best-buys anyway, take it and smile. In many cases, you get the cash within a month or two. There’s full details and eligibility info at www.moneysavingexpert.com/bankaccounts, but in brief…
- Free £150 PLUS £4+/ mth. www.co-operativebank.co.uk pays £150 within 45 days. Plus its Everyday Rewards scheme pays £4+/mth if you qualify. Its customer service rating in my recent poll of 260 customers was a strong 70% ‘great’.
- Free £100, No.1 service, 6% linked savings and 0% overdraft. www.FirstDirect. co.uk has won every customer service poll I’ve ever done – 91% rate it ‘great’. On top of a free £100 within 44 days, switchers get a £250 0% overdraft and you can put up to £300/mth in its linked 6% regular saver.
- Free £100 M&S gift card plus £10/mth. Bank.MarksandSpencer.com doesn’t pay cash, but does give a £100 gift card within 30 days, plus pay in £1,000+ a month and you get £10/mth added for a year. Its service is a strong 68% ‘great’. It also has a £100 0% overdraft and a linked 6% regular saver.
- Free £100 plus £5/mth. www.Halifax.co.uk Reward pays £100 after just 3 days and also pays £5 each month you’re in credit - its service is also 68% ‘great’. Yet beware its overdraft which is very costly.
If you’re worried about how difficult switching is. I did a Twitter poll of 2,900 in July and 76% who’ve switched since 7-day switching launched in 2013 said it’s no or little hassle.
2. Make £1,500+ as a serial bank-account switcher
People have got competitive about this with hordes writing to tell me they were Britain’s biggest bank tart. Simon Bartram and his wife have now earnt £1,565 over four years: “Inspired by Martin, we started switching... keeping track of the cash takes some doing but it’s well worth it”.
You can start by signing up to the bank accounts in point one above, but for doing it multiple times you need to be a bit more careful, eg, it can impact your credit file. For full help, pros and cons, see www.moneysavingexpert.com/banktartchamps. 3. Get PAID to walk... Sign up to free fitness rewards app Bounts.it, and connect it to your fitness tracker (including Fitbit and Garmin) or smartphone app (like RunKeeper or Moves), and you’ll earn points when you walk, exercise or go to the gym.
The more exercise you do, the more points you earn, which can then be converted into vouchers for the likes of Amazon, John Lewis and M&S.
Even if all you do is walk and hit 7,000 steps in a day you can get a £5 voucher within a few months. If you’ve already got a fitness tracker, it’s a no brainer to connect the two.
4. Switched energy in last 6 years? Get £100s back in minutes
Disgustingly, when you left an energy firm, if you were in credit it ran a ‘don’t ask, don’t get’ policy. That’s mostly changed now, but if you didn’t get your money - even if years ago - you can still ask.
Just call your old supplier to see if you’re owed money (quote your old account number if you can dig it out). Many get £100s.
Martin Lewis is the Founder and Chair of Money Saving Expert. To join the 10 million people who get his Martin’s Money Tips weekly email, go to www.money savingexpert.com/latesttip