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Martin Lewis reveals how to pocket free £175 by doing simple task

Martin Lewis reveals how to pocket free £175 by doing simple task

The Money Saving Expert newsletter is here again to give you free cash

Martin Lewis has laid out four ways you can pocket yourself a rather nice £175 for free. And it doesn't take much to get the money over the line and in to your bank account.

Lewis made the revelation in his latest Money Saving Expert (MSE) newsletter, which was sent out to subscribers on Wednesday (29 May).

Top of the list for this week was an urgent alert issued from Lewis and the MSE team to anyone who owns a Tesco Clubcard. You don't want to ignore this one, they said.

And it followed up on recent tips from Lewis when it comes to the reality of how your bills could change with the energy price cap falling as well as a warning about using your bank cards when on holiday.

Among this week's top money saving tips was a way to actually make money for doing very little.

Buried half way down is a new tip from the MSE team which points to four banks that are willing to pay you up to £175 for free. Here's what you need to know.

What's the deal?

Lewis writes that certain banks in the United Kingdom are willing to give you £175 in cash if you do one simple act: switch your banking services to them.

It's not the first time he's suggested this kind of tip, with an earlier offer this year banking you almost £400.

Right now there are four giving the cash bonus for signing up.

Martin and his MSE team very often know best (ITV)
Martin and his MSE team very often know best (ITV)

MSE says: "To qualify for switch bonuses you must close and complete a full switch of an old account using the Current Account Switch Service – you do this through the new bank you're switching to. The service automatically moves across all payments, Direct Debits and standing orders to the new account.

"It's also worth downloading a few years' statements from your old bank before switching – just in case you need them in the future."

You must also use the official Current Account Switch Service to qualify for these offers. As well as this, the accounts you're switching between must be with different banks.

Free money (Getty Stock Images)
Free money (Getty Stock Images)

The 'best' offer

The MSE 'top pick' is the Santander Edge account, which gives you a free £175 for switching to it. On top of this, you get one percent cashback on most bills you pay plus some spending bonuses.

It costs £3 a month to have this account but if you pay the bills - we're talking council tax, broadband, gas and electricity, water - you'll get a maximum of £10 a month back in the one percent cashback scheme.

There's also the same cashback on supermarket spend, fuel and train tickets (also capped at a tenner a month).

To get the £175 you have got to pay in £1,500 within 60 days, which shouldn't be a problem if you're in regular work. You also need to have two direct debits. You'll then get the £175 within 90 days.

£££ (Getty Stock Image)
£££ (Getty Stock Image)

Other offers

There's also the First Direct 1st Account, which will also give you £175. This also gives you seven percent interest on up to £300 a month by linking to a regular saver account.

It's free to use your card abroad, too. To qualify, you'll need to pay in a grand within 30 days of opening the account and use your new debit card five times.

Lloyds Bank has its Club Lloyds account which gives you £175 for switching and comes with a 12 month Disney+ subscription alongside six cinema tickets. This has a £3 a month fee and you must set up three direct debits on the account.

The last offer is from TSB and its TSB Spend & Save account.

This gives you £100 upfront and then £10 a month for the next six months. You have to spend using your card five times in the first month to qualify for the upfront £100, then 20 times in each of the first six months to qualify for the £10 a month cashback.

If you make 20 debit card purchases in December 2024 you'll get an extra perk - choosing from a hotel stay for two, six Odeon cinema tickets or a six month NOW Entertainment membership.

Featured Image Credit: ITV/Getty Stock Images

Topics: Hacks, Martin Lewis, Money, UK News