Martin Lewis’ MSE issues warning to anyone with a bank account to switch in deal that could leave them up to £600 richer
MARTIN Lewis has revealed how to make an ‘easy’ £600.
The Money Saving Expert took to X to share a tip off that Santander has launched a new switch deal that could be very profitable.
He suggested making a simple change will make your money work harder for you.
Lewis posted: “Santander’s launched a new bank switch deal, with some serious perks… FREE £175 + 7% savings + 1% cashback on bills + cheap spending abroad + possible 2% cashback on all spending.”
While his site adds: “Santander has stomped its feet and shaken up the bank-switching market with a new lucrative deal, which at its extreme could net some over £600/yr.
“This, plus the return of a free cash deal from First Direct, are welcome.
“To switch bank, they require you to pass a not-too-harsh credit-check and use their seven-working-day switching service (it’ll close your old account for you, ensure any payments to it are auto-forwarded, and move the balance, standing orders & Direct Debits across).”
Essentially, by making the switch from your current bank, you can scoop up an initial £175 as an incentive.
Within 60 days, set up two or more direct debits and pay in £1,500 to the new account.
The £175 will be paid between 60 and 90 days after starting the process.
Lewis recommends opting for the Santander Edge current account that costs £3 a month.
This pays you two lots of cashback of £20 a month, including 1% cashback on expenses like council tax and bills.
You also get 1% cashback on debit card spending at supermarkets, on fuel and travel.
The money saving guru estimates this will mean up to £100 saved a year for the average household.
To be eligible, customers would need to pay £500 per month into the account.
Edge allows for access to a saving account with 7% interest up to £4,000 – which means up to a maximum of £270 in annual interest.
And if it’s a joint account, this would be £500.
Finally, an Edge credit card gives you 2% cashback on almost all spending, equalling a profit of up to £12 a month.
FOUR STEPS TO UP TO £600 SWITCH DEAL
The Santander Edge account offers...
Free £175 switch incentive
1% cashback on expenses, including bills – equivalent to £100 a year on average
7% interest up to £4,000, meaning £270 in annual interest
2% cashback on all credit spending, equalling £12 per month