Money Saving Expert Martin Lewis' website is working overtime at the moment as increasing numbers of people struggle to pay rapidly increasing bills. With pretty much everything bar wages rising at an unprecedented rate, millions of Brits are trying to find ways to make or save money - fast.
Now, Martin Lewis' website Money Saving Expert (MSE) has come up with a handy trick that will give your bank account a £400 injection, says the Mirror. It won't be instant, but it could prove helpful to those in need of a cash boost.
The first tip flagged by MSE, is to claim £175 by switching to the Santander 123 Lite account. The account costs £2 a month but the money can easily be earned back as you 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.
Read more: DWP PIP and DLA claimants warned of wait to receive £150 cost of living payment
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 2% back on gas and electricity bills, and Santander life and home insurance, then the third tier is 3% cashback on water bills.
The Money Saving Expert website estimates a home with mid to large bills could earn up to £80 per year, even after the fee. However, there are some other eligibility criteria you need to get the £175 switch bonus.
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. The final step to getting £400 free, is to apply for the app-only Chase current account.
This account offers 1% 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.”
Read next:
