Pocket £175 for Free: Martin Lewis Reveals Simple Trick
As a savvy saver, I’m always on the lookout for ways to boost my bank balance without breaking a sweat. And, thanks to Martin Lewis, I’ve discovered a clever trick to pocket a cool £175 for doing virtually nothing.
In his latest Money Saving Expert (MSE) newsletter, Lewis revealed that certain banks in the UK are willing to give you £175 in cash if you switch your banking services to them. It’s a no-brainer, if you ask me!
The Deal
To qualify for the switch bonuses, you must close and complete a full switch of an old account using the Current Account Switch Service. This service automatically moves across all payments, Direct Debits, and standing orders to the new account. Don’t forget to download a few years’ statements from your old bank before switching, just in case you need them in the future.
The Best Offer
My top pick is the Santander Edge account, which gives you a free £175 for switching. On top of this, you’ll get 1% cashback on most bills you pay, plus some spending bonuses. The account costs £3 a month, but if you pay your bills, you’ll get a maximum of £10 a month back in cashback. There’s also the same cashback on supermarket spend, fuel, and train tickets (capped at £10 a month).
To get the £175, you’ll need to pay in £1,500 within 60 days, which shouldn’t be a problem if you’re in regular work. You’ll also need to set up two direct debits. You’ll then get the £175 within 90 days.
Other Offers
There’s also the First Direct 1st Account, which gives you £175 for switching and comes with a 7% interest on up to £300 a month by linking to a regular saver account. It’s free to use your card abroad, too.
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’ll need 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.
The Verdict
So, which offer will you choose? Remember to always read the terms and conditions before switching, and happy saving!
Switching banks can be a great way to earn some extra cash
Make the most of your hard-earned cash
Use your bank cards wisely when abroad
