How would you like to make money with your bank account?

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How about getting some free money right now?

Without doing anything dodgy or illegal.

In this time of low interest rates and higher inflation you have to work a little harder to get your money to make money.

However there are ways to make money with your bank account if you are willing to read the small print and follow terms and conditions.

These days quite a few of the UK banks offer a lump sum bonus to transfer your existing bank account to them.

There are usually strings attached but follow the rules of their offer and you can make a few hundred pounds in a year.

Double that if you have a partner you help do the same.

I estimate that I probably spend a total of 1 hour per new account, spread over a number of weeks.

For a £125 bonus that’s the equivalent of being paid £125 per hour tax free!

At time of writing you can get free money right now from HSBC who are offering a free £125 and both First Direct and Halifax are offering £100 switching bonus.

The most important thing to realize is, you don’t need to transfer your main bank account.

You know the one which you use for everything, all your bills and cash and mortgage?

These days to only have one bank account is increasing rare.

Many people set up bank accounts to serve different purposes such as a bill payment account and an account for your personal spends.

If you are in need of a more regular income then why not check out my post on the best flexible work at home jobs?

Preparing to make money with your bank account

To take advantage of these bonuses it pays to have a bank account you have designated for exactly this purpose.

Similar to a bill payment account, this is not your main current account.

It has a specific purpose.

Its primary purpose is for you to switch it to another account to gain the bonus that the bank is offering.

It could even be a 2^nd account with the same bank you are already with.

Have it set up ready to go when a new bank announces a switch bonus.

Make sure if given the choice you request a debit card for this account.

Often when you apply to switch your account the new bank will ask for the debit card number of the existing account.

Keep a positive balance on this account, don’t incur overdraft charges as you are eating into the profits of your future bonus payment.

I also suggest when you know you are about to apply for a switch, pay in enough money to cover 2 months DD payments as a precautionary measure.

You won’t have any worries about checking balances and going overdrawn if you know you have those DD’s covered for 2 months.

Direct Debits (DDs)

If you are going to learn how to make money appear in your bank account (for free!) then the next step is to get 2 direct debits set up.

Most switch bonus offers require direct debits to be transferred as part of the deal.

Direct debits can take a few weeks to put in place.

And I would play safe and have them pay from this special account for at least a month so you know they have been set up correctly by the company concerned.

Last thing you want is to go through a switch process only to fall foul of the terms and conditions of the new account because one of your DD companies cocked up.

That is a waste of a bonus.

It’s up to you which direct debits you use in this account. I would suggest using smaller costing ones just to keep things simpler.

I have pet insurance for 2 cats, that’s 2 separate policies, so one of these pays from my switching account and one from Mr2P’s.

Your mobile phone bill or monthly TV license bill are other low value direct debits you could use.

I wouldn’t advocate using your mortgage payment as one of your switching DD’s, there is always the niggle that something might go wrong.

It will get sorted as you are covered by the direct debit guarantee but you don’t need the stress or worry for the few days/weeks which it could take to resolve.

If I had a temporary problem with my pet insurance I wouldn’t lose any sleep, my mortgage would be a different matter.

Should you use charity DDs to get your free money?

Some people have advocated setting up direct debits to charities for £1-2.

These would work but personally I am not keen on this option.

It costs the charities money to administer a direct debit so you are costing the charity money in order to pursue getting money in your bank account. Not good karma.

Also it’s £1-2 you may not have otherwise given to that particular charity so it’s costing you money.

If you already have your charity giving sorted this can complicate matters.

Credit card DD payments

Another option is your credit card/s.

I presume you already have these set to pay at least the minimum off each month, even better if you have it set to pay the balance off in full.

As long as you spend something on your credit card each month then the direct debit will be triggered.

The problem is if you don’t spend on the credit card then no direct debit will be paid.

If you are very good with your money you could have more than one credit card and follow this process for both thereby giving you the 2 direct debits.

But don’t go into debt by spending on your credit card and not paying off the balance, you’ll quickly wipe out any profit after the effort you have made to get this free money in your bank account.

Prepping to get free money in your bank account with a bank switch bonus

Bank account switching bonuses tend to be short lived so when one comes along you need to be ready to take advantage of the offer and get the free money right now.

To make money with your bank account make sure you have:

New specific bank account set up
The debit card for this new account – no need to have used it
2 direct debits on the account that have already paid out at least once
A balance of at least double the direct debits this stops you worrying if the switch ends up taking place close to the DD dates

10 Steps to take to get free money in your bank account with a switching bonus

How to make money appear in your bank account? Follow these steps carefully for each bank account switching offer and you’ll soon have that free money in your account.

1. Terms & Conditions

The most important thing is to read the terms and conditions carefully.

I mean really read them.

And work out if you can fulfill these requirements.

If the new account requires 4 direct debits on your old account then you can’t fulfill the T&Cs with just 2.

Often there are a series of steps you need to take in order to comply with all the T&Cs.

Note these down on your calendar or somewhere that you will remember to check.

For instance one account I switched to required me to pay in £1500 within 30 days of the completion of my old account being switched over.

If I had paid the £1500 in before the switch completed or on day 31 I would not have got the bonus.

You must read the small print and follow it all.

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