Martin Lewis, renowned personal finance expert, encourages individuals to be proactive in managing their bank accounts. Instead of maintaining all funds in one account, opening accounts with competitive interest rates can yield higher returns over time. Notably, many banks offer monetary incentives for switching accounts, known as “switch bonuses.”
A recent newsletter from Money Saving Expert highlights that banks are actively seeking to attract new customers. Nationwide, in particular, is offering a £200 incentive to switch to their FlexDirect, FlexPlus, or FlexAccount. This offer is available to existing Nationwide customers who held a current account, savings account, or mortgage on March 31, 2024.
To qualify for the £200 bonus, individuals must switch at least two active direct debits to their new Nationwide account. They must not have received a switch bonus from Nationwide since August 18, 2021. It is important to note that switching banks does not typically have a significant impact on credit scores. Money Saving Expert reassures that a single credit inquiry should not cause a substantial decrease in scores. However, frequent account switching may raise concerns for lenders who prefer evidence of financial stability.
Martin Lewis advises that credit scores are primarily affected by factors such as missed payments, high levels of debt, and credit history length. Strategic account switching can lead to substantial savings. Some individuals even open “burner accounts” specifically for this purpose.
In other news, Martin Lewis has shared his recommendations for an alternative to Walkers’ discontinued Worcestershire Sauce flavored crisps. He highly recommends Seabrook’s Lea & Perrins crisps, praising their taste and flavor. This endorsement has garnered attention on social media, with many consumers expressing their agreement.
For more information on the benefits and considerations of switching banks, refer to the Money Saving Expert website. If you have a personal finance story to share, contact the MetroLifestyleTeam.
