Money Saving Expert Martin Lewis has shared an "easy trick" to claim up to £400 for free, just by switching bank accounts.
Money guru Martin Lewis posted on his popular website, Money Saving Expert, about his top tips to make extra money this winter, reports WalesOnline. Martin explained that the first step was to claim your £175 cashback by switching to a Santander 123 Lite current account.
The account is £2 monthly, but the fee will be cancelled out as you earn up to £15 a month cashback. There are three different ways to claim cashback monthly, which are all capped at £5 every four weeks.
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The first way is via mobile and home phone bills, council tax, broadband and paid-for TV packages, and Santander mortgage payments. The second tier is 2 per cent back on gas and electricity bills, and Santander life and home insurance.
The third and final tier is 3 per cent cashback on water bills. The Money Saving Expert has stated: "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/mth (for example, by paying your salary in). The bonus will be paid within 30 days of meeting the criteria.”
First Direct has also offered a £175 switch-up cashback, but there is no incentive of cashback on other bills. Martin noted that the final step to securing the £400 is to apply for the app-only Chase current account, where you get one per cent cashback on all daily spending.
He added: "For a family who'd spend £1,000 a month on the card, that's £120 cashback over the year,” said MSE. "So use Santander for your bill payments, and then fund this for normal spending.”
In order to boost your finances, checking out if you can get cashback when opening a new account via Topcashback or Quidco is always a good shout. You'll get money back for a qualifying shop as you complete the transaction via their website.
This extra cash will be beneficial for all households, throughout the current cost of living crisis. Energy bills were due to rise to £3,549 in October - but they will now be capped at £2,500 instead for two years.
However, this is only marginally above the £1,971 level the current Ofgem price cap is set at.
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