I have eight bank accounts – friends call me crazy but I earn HUNDREDS of pounds in interest and pay no fees

NOT many people talk about their finances, but I’m happy to tell anyone about how I use my eight bank accounts to earn hundreds of pounds in interest a year. Friends say I’m bonkers to have so many, but there’s a method to the madness… I earn hundreds of pounds each year from my accounts. My approach means I never pay fees when using my card abroad and I always bag the top savings rates too. With the cost of living still so high it’s vital that you get the best return on your savings, swerve costly fees and get a premium service. Sign up for the Money newsletter Thank you! But around two-thirds of Brits have stayed with the same bank for more than a decade, while just 34% moved their money last year, according to Hargreaves Lansdown. It doesn’t pay to stay loyal though – savers are missing out on around £12billion of interest each year because of it, according to the Financial Conduct Authority. Doing this means your savings could be earning a low interest rate, which could be beaten by shopping around or switching to a new bank. Here’s how I put my bank accounts to work and how YOU can do it too. Nationwide – £100 free cash and top service My Nationwide current account gives me £100 a year in free cash Credit: Alamy I’ve been a Nationwide customer since 2002 and that’s not likely to change any time soon. My Nationwide current account means I qualify for the Fairer Share Payment, a £100 bonus which is paid to customers typically once a year. Most read in Money Although it’s not my main current account, I make a couple of payments in January, February and March each year to make sure I qualify for the free cash. I also have a Nationwide savings account, which I use as an emergency fund and pay a small amount into each month to guarantee I’ll get the Fairer Share Payment. Usually you need to have at least £100 in a personal savings account or cash Isa to get the payment. You’re also eligible if you have at least £100 left on a Nationwide mortgage. Other terms and conditions vary depending on the type of current account you have. I’ve also got a fixed- rate bond, which gives me a set interest rate on money I’m able to lock away for a certain period of time. My one-year bond pays 4.5%. This was the top rate on offer from any high street bank when I opened the account, but you can now earn 4.6% with a one-year fix from Skipton Building Society. The account isn’t for everyone as I can’t touch the money while it’s shut away. It’s important to have an emergency fund with three to six months’ worth of expenses set aside so you have cash ready if you need a new boiler or your car breaks down. Nationwide has also pledged to keep all of its branches open until at least the start of 2030, so I never have to worry about being stuck on hold to customer services if something goes wrong. Instead, I can just pop down the road to my local branch. The building society has 605 branches, so there’s always one nearby if I need to pay in cash or speak to someone face-to-face. EXCLUSIVE DEAL: Get FREE £100 supermarket voucher when you open a Santander account Santander is offering new current account customers a FREE £100 supermarket voucher - and it couldn't be easier to claim. *If you click on this link, we will earn affiliate revenue. Head to the Santander website and follow the simple instructions to open one of the accounts below: Everyday current account Edge current account Edge Up current account To qualify for the voucher, you must: Not hold any other Santander accounts. Must open one of the above accounts and spend £200 across four or more transactions on supermarket grocery shopping in September, October and November. You must apply using our exclusive partner link to qualify. Santander UK plc. Registered Number 2294747. Registered in England and Wales. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number is 106054. First Direct – Best buy savings account I was tempted to swap bank account with a £175 switching offer Credit: Alamy I joined First Direct in 2023 after being tempted by its £175 switching offer. All I had to do was update the account my salary is paid into, switch two direct debits, make five debit card payments and log into online banking. While it may sound like a lot of hard work, it was actually all done for me through the current account switch service, which automatically moved my payments and direct debits to First Direct in just seven working days. All I had to do was let work know that I’d made the switch, which took just five minutes. But what’s really stopped me leaving First Direct is the 7% reward savings account. I pay £300 a month into the account, which is automatically taken from my bank account. The account lasts for one year, so I’ll earn £139 without lifting a finger. I’ve already had two of these accounts, which means so far I’ve earned £278 in interest. The account lets you save between £25 and £300 a month, so it’s a great option if you are only able to save small amounts. American Express – Top cashback reward card My American Express card helps me to build my credit score Credit: Alamy Stock Photo I’m keen to buy a home of my own one day so I took out an American Express credit card in order to build my credit score. The American Express Cashback Everyday Credit Card is free to take out and gives me rewards every time I make a purchase. In the first five months that I had the card I was able to earn 5% of my purchases, up to a total of £125. Now I earn 0.5% cashback when I spend up to £10,000 a year, which I use to reduce my credit card bill. The card also unlocks deals with hotels, restaurants and airlines. For example, I can earn £25 cashback when I spend £125 or more at Premier Inn or 5% back when I book train tickets with Avanti West Coast. I’ve set my repayments to come out of my First Direct account automatically each month, so I don’t need to worry about missing a repayment, which could impact my credit score. Meanwhile, I make small payments towards my credit card bill during the month to help me keep a handle on my spending. However, it’s really important that if you are taking out a credit card to pay off any bill in full at the end of the month. That way, you can avoid paying any hefty interest charges. Post Office – Bargain exchange rate abroad I use my Post Office card to get the best exchange rate on my spending money Credit: Alamy I first took out a Post Office travel card ten years ago, before many banks offered fee-free spending abroad. The card is pre-paid, which means you need to load cash onto it before you can spend in one of up to 22 foreign currencies. Once you’ve loaded up the card you use it like a regular debit card while abroad. I’ve kept the card for more than a decade as I like being able to lock in an exchange rate before I travel. I like to load the card up when the pound is particularly high against the currency of the country I’m travelling to. For example, if the pound is up against the euro then I add cash to my card to make sure I’m getting the best exchange rate. This means I’m not paying through the nose if the pound drops again by the time I board my flight. Meanwhile, the Post Office occasionally offers special rates throughout the year, so I keep an eye out to make sure I’m getting a good deal. When it comes to adding the cash I compare the rates on offer online, in branch and using the app as they can often differ. Monzo – Best for small savings pots I use Monzo pots to help me budget for weddings and holidays Credit: Alamy I took out a Monzo current account when I lived with friends to make it easier to send each other cash and split the cost of our weekly shop. But I’ve kept my account so I can still make use of the pots feature. This nifty feature helps me to separate my spending into different folders, including holidays, weddings and personal care. Every month I squirrel £25 into each pot and top it up if I get extra small change, such as compensation if my train is delayed or I return an item. The pots don’t give me interest on my cash, so if I need to save up for a big purchase, such as a mattress, then I save the money in my emergency fund, so I can get the best return. But I like using them to set aside money I’ll need to spend in the next month or so, for example on new glasses or going to the dentist. Comment now