I have been dragging my feet until I finally made the firm resolution of detailing for the record the £200 I picked up from switching bank accounts earlier in the year. I got paid for the switch back in April 2024 so I am giving an update six months down the line. It was long due.

Anyway, let me get down to the nitty gritty and explain my process. I have an alert set up so that I get a notification as soon as a relevant switch promotion goes live. From that point on, I study the terms and conditions of the offer in order to understand my options to qualify for the reward. Since I have already made switches with almost every high street bank, I need to tread carefully when it comes to selecting the right candidate. As it happened, I came across a rather interesting switch offer from Ulster Bank back in February. It consisted of a £200 reward for basically nothing other than applying for a current account and ticking the switch box in the process. After that, I needed to deposit £1,250 into the account and log in using their mobile app. That was all. I was rubbing my eyes at the sheer simplicity of the task. Just too good to pass on.

I opened the account in a flash providing the details of the previous account I switched to in 2023 (see post TSB £200 Bank Switch Reward + £20 Cashback). Remember that this is a never ending loop where I am using the latest account I switched into as the donor for a future switch down the line. In this sense, my TSB account was a surplus to requirement and was dormant in wait for the right switch offer to present itself.

Having all my inputs in place, I opened the Ulster Bank account in March and immediately followed that up with a deposit and an App downloading. My next step was to monitor the account every so often using the app. Not a long wait because as promised, the £200 incentive was credited within weeks on the 10th of April. Not a bad rate at all for 10 minutes of my time. Really, really easy Free Money.

For this particular stream, all I need to do is be on the look out for the right switch offer. It can come by nine months into the year or just after two as this was the case. That is the impredictable part. The certain part is that a bonus will materialize at some point. In any event, since I demanded £200 from promotions as a free money stream, this box was the first to be ticked. Objective met swiftly and without breaking a sweat.

It is £900 Free Money from Bank Switches only since the Blog came alive. Even though I know it could be higher, I need to pace myself so that I do not burn my options all too soon. I reckon that one switch a year is a reasonable expectation in the long run.

I wish I could tell you more but that was that really. Hassle free, smooth and rather uncomplicated way of making free money. Just my thing. Until the next switch… Tada.