Martin Lewis says simple banking switch could make you £565 better off
Money Saving Expert Martin Lewis has revealed a way you could get £565 for free with minimal effort. Don't mind if I do.
Lewis has a new tip for people, and the best part is it's really easy, almost as easy as the one simple text that could save millions tonnes of cash on their phone bills.
The money saving expert opened up about the secret hack on a recent episode of The Martin Lewis Podcast on BBC Sounds.
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He told his listeners that bank switching competition was tense between the big name banks, such as Halifax, NatWest and Lloyds.
In fact, banks are even offering cash incentives for customers to switch.
At first glance, the process of joining a new bank might sound tedious and like a lot of hassle.
But nowadays, it's easier than ever.
Banks have opted into a switch system which allows for the transfer of direct debits and standing orders automatically.
In short, this means that you wouldn't need to contact everybody you're paying bills to.
So which bank is the best to change to, according to Lewis?
He recommended Santander Edge to his followers.
Not only do they offer £185 upfront, their new customers will also benefit from a seven percent savings rate worth up to £280.
And that's not all - there's also cashback on monthly bills and spending worth up to another £100.
All in all, that works out to a total of £565.
Lewis explained: "There's a new bank willing to pay you to switch to it. The bank switch competition has hotted up, there are now four that pay switchers, so unless your bank is tickling your toes on request, why not grab some cash."
Admittedly, having my toes tickled sounds more like a punishment, but I see his point.
Lewis continued: "I won't run through them all, I'll just run through the newest.
"The new one is Santander which gives switchers a free £185. And it does that on three different accounts, one of which was a top pick of mine anyway for bills or joint bills accounts.
"That's the real standout here, the Santander Edge account."
What benefits does the Santander Edge account offer?
Lewis continued: "You pay £3 a month and you get two sets of cashback, both up to a maximum £10 each.
"You get 1% on water, council tax, energy bills, broadband and phones and pay-for-TV bills, and you also get 1% on supermarkets, fuel and train and bus travel. So 1% on the bills, 1% on your spending on supermarkets, fuel and trains. Two sets of cashback up to £10 each.
"Now when you do some numbers on this, that will give you around £80 to £100 a year after the fees. You also get access to its 7% variable savings up to £4,000. Max that out and it's £280 interest.
"It does have some other accounts but for me Santander Edge is the top pick, but do read its eligibility conditions because they always have a couple of conditions so make sure you get paid.
"The other ones are Natwest and RBS, which is a free £200 cash, Lloyds which is £175 cash and HSBC which gives £100 cash but they do all give other perks.
"But if your bank isn't giving you a massage and looking at you with loving eyes, hey, why not get paid to move elsewhere."
Who knew you could make money sound so romantic?
Topics: Martin Lewis, Money, UK News
Ben Thompson