In Two Years I’ve Made £600+ of Free Money!

Please note that switching your current account multiple times in a short space of time will affect your credit rating and should NOT be done if you’re looking to take out a mortgage in the next two years!

Late 2015, I was looking at my accounts wondering why I’d made so little on the various accounts I have and decided to change things and maximise the money I could make from switching.

At the time, I had a NatWest current account paying 0% and various savings accounts paying not a lot, a Marks and Spencer current account paying 0% a set of Halifax accounts paying very little.  The only account I’m attached to is my NatWest current account, despite it paying 0%.

There are certain banks I wouldn’t touch, even if they offered an incentive to switch.  Those banks include:

  • Barclays
  • Santander

But that’s my purely personal view on those banks.

So I looked around at the offers available on the various banks that aren’t listed above and the first obvious switch was to close my very recently opened M&S bank account and switch to Halifax.  I’d only opened the M&S Bank in Dec 2015!

March 2016, £125 cash for swapping M&S Bank current account to Halifax

In early 2016, my credit card provider at the time, Marks and Spencer, wrote to me to say they were going to start giving less points per pound spent and since I spend a fair amount each month, I wasn’t going to put up with getting less money back.  This lead to switch number two.

April 2016, Nationwide Credit Card take up incentive £25

Having had the Halifax current account for just less than a year – I wasn’t attached to the Halifax – their online portal is clunky…  The only terms I could find on switching away from Halifax indicated that I’d need to have kept the account for three months, which I’d done, so time to switch again.

Ehehehe, this swap was a little cheeky, but still allowed 😉

December 2016, swap Halifax current account back to M&S Bank current account!! £100 gift card + top up of £10 per month, for one year, each month that I pay in £1000

Each December Nationwide gives you cashback on your December bill of 0.5% on the transactions you’ve made throughout the year.

December 2016, Nationwide Credit Card cashback £43.30

I’d opened the Nationwide regular saver in January 2016 and paid in the maximum £500 per month each month.

January 2017, Nationwide Regular Saver interest of £163.27

If you refer a friend to Nationwide, the referrer earns £100* and the switcher earns £100*.  I’d asked my Dad to set himself up a Halifax current account (I think it was) two months before and once that was open and had two direct debits running off it, he switched using the referral service to Nationwide.

* for a successful switch

February 2017, Nationwide Recommend a Friend £100 cash

Since the first recommend a friend worked so well, I got my mum to switch one of her accounts 😀

April 2017, Nationwide Recommend a Friend £100 cash

And finally, in December 2016, Nationwide paid me back the 0.5% of transactions I’d made each month.

December 2016, Nationwide Credit Card cashback £48.36


In total that’s a nice amount of free money for a little bit of work and I’m always looking out of for my next switch.