Martin Lewis issues warning about ‘serial’ bank switching – ‘I would not switch imminently | Personal Finance | Finance

He explained: “After your switch is complete – that’ll be nine or 10 days time – it then pays within 10 days of the switchover, provided you meet the terms and conditions, such as having two direct debits being moved across.

“My reckoning is, if you switch tonight or tomorrow, you should have the money in your bank account by December 5.”

To qualify for the deal, account holders must pay in a minimum of £1,000 a month, which Mr Lewis summarised as the bank’s way of saying “pay a salary in each month and it needs to be a £12,000 salary”.

However, he provided a key workaround to qualify, even if someone doesn’t receive a £12,000 salary.

Using the example of someone who is paid £900, Mr Lewis said after the £900 hits the account, withdraw £100 and pay it back in the next day.

By doing so, he said: “You’ve now paid in £1,000 and you’ve met the criteria. Simple as that.”