Banks are once again battling for customers with generous switching incentives, with several offering £200 or more to anyone willing to move their current account.
For those prepared to jump between providers, the rewards can quickly add up, prompting consumer champion Martin Lewis to ask if now is the right time to open a “burner bank account”.
Taking to social media on Friday, the money expert said: “Is it time to get a burner bank account to make serious money switching? Eight banks are paying £175+ to switchers right now and, done right, you can do it multiple times (ie make £1,000s).”
The idea is to keep your main bank account untouched while using a spare account to repeatedly switch between banks offering cash bonuses. But is it really that simple? Here, we look at the best switching deals available, if opening one of these accounts is a sensible strategy, and whether chasing the cash is worth it.
HSBC = £220
