Martin Lewis' MSE says Brits can get £175 payment with £2 commitment

With the UK facing soaring energy bills and skyrocketing inflation, you might be interested to hear that the finance boffins at Martin Lewis’ Money Saving Expert (MSE) have recommended an easy way for you to nab yourself £175 for just a £2 a month commitment.

With the economy teetering on the edge of recession, Lewis and the MSE team have been a source of comfort to Brits, whether he’s running down exactly what Liz Truss’ £2,500 energy price freeze means for ordinary people or sharing the one trick everyone should know to save money on online purchases.

Now, the MSE team have come up with a way to bag £175 with minimal effort... and I wouldn’t say no myself!

The financial experts explained that some banks will give new customers cash for free when they open an account. So, if you were to open a Santander 123 Lite account, you’d be rewarded with a cool £175.

There are some conditions you’ll have to meet, however.

MSE said: “To get [the bonus], you need to have/switch two direct debits, log in to online/mobile banking, have a one-off £1,000 going in, then fund £500/mth (for example, by paying your salary in).

“The bonus will be paid within 30 days of meeting the criteria.”

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This will also have to be the first switch bonus you’ve claimed from Santander, plus you can't switch from an existing Santander, Cahoot or Cater Allen account.

There is a £2 monthly fee for the account, but you don’t need to worry too much about that since Santander offers cashback on your bills which essentially cancels this fee out.

There are three different ways to get cashback which covers bills such as council tax, phone bills, gas and electricity bills, water bills and home insurance.

Each way is capped at £5, so on top of your initial £175 you could be getting another £13 a month if you knock off the £2 monthly fee. Doesn’t sound too bad, does it?

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If you’re already a Santander customer, First Direct are also offering a £175 switch offer.

The conditions to claim the First Direct bonus are as follows: “Open an account then, within three months, complete a switch from another current account (can't be HSBC or First Direct) and pay in £1,000+. The £175 is then paid within 28 days. You can request the switch online or by phone.”

With First Direct there isn’t that £2 monthly fee for the account, but you also don’t get the £15 cashback offer.

So if you do fancy £175 for minimal effort, there’s no time like the present.