Martin Lewis’ Money Saving Expert website has explained an £2 trick to make £175 in cash.
With the cost of living crisis worsening, many of us are trying to find ways to save money where we can. Every penny counts as the cost of food and energy continues to soar.
MSE founder Martin Lewis has been keeping his many followers up-to-date with the latest news as the cost of living crisis worsens. The finance guru is known for his switching and money-saving tips, but recent events have left even him at a loss at how to help people.
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However, in an article on MSE, he has now flagged a tip for banking customers to claim £175 by switching Santander 123 Lite account. The account costs £2 a month but the money can easily be earned back as account holders gain up to £15 a month in cashback - cancelling out the fee. In total, there are three ways to earn cashback with each method being capped at £5 per month.
The first tier is for council tax, mobile and home phone bills, broadband and paid-for TV packages and Santander mortgage payments. The second tier is two per cent back on gas and electricity bills, and Santander life and home insurance, then the third tier is three per cent cashback on water bills, reports the Mirror.
MSE estimates a home with mid to large bills could earn up to £80 per year, even after the fee. There are, however, some criteria customers must meet to get the £175.
The website states: "To get it, 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/month (for example, by paying your salary in). The bonus will be paid within 30 days of meeting the criteria.”
Similarly, First Direct is also offering a switch incentive. While they don't offer cashback they are giving anyone who sets up a current account with them £175.
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