He revealed that he made the impressive sum through a variety of incentives banks offer to get customers to switch their main account to them rather than a competitor.
These can range from upfront switching bonuses where an amount is paid when you open the account, ongoing monthly rewards and even a cash incentive if you leave the bank, made by one that was so sure their customers would be so happy with the service that they would not want to switch to another.
While it sounds simple enough in theory, there are often caveats to how much money you must deposit into your account each month in order to qualify, which can mean there is a lot of admin to make sure all the benchmarks are being hit.
Martin also warns that while it can seem a good way to make some cash, switching banks too often can have a negative impact on your credit rating, so is not a good idea to do repeatedly before applying for credit in the form of a mortgage or a loan.
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