The increase is leaving more and more people struggling to make ends meet. The cost of food and energy are continuing to rise putting ever-more pressure on people's income . And it is likely to get worse in the months ahead.
But Money Saving Expert founder Martin Lewis has come up with a tip could generate £175. The tip is to claim £175 by switching to the Santander 123 Lite account.
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There is a £2 monthly fee but the money can be earned back as account holders get up to £15 a month in cashback.
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.
A home with mid to large bills could earn up to £80 per year, even after the fee, according the the MSE site. But there are some eligibility criteria needed to get the £175 switch bonus, says the Mirror.
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 - anyone who sets up a current account with them gets £175. The final step to getting £400 free across a year, is to apply for the app-only Chase current account.
This offers one per cent cashback on all daily spending. MSE said: "For a family who'd spend £1,000 a month on the card, that's £120 cashback over the year. So use Santander for your bill payments, and then fund this for normal spending.”
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