Martin Lewis and MSE reveal how to pocket a free £175 by doing just one simple task
The Money Saving Expert team says you only need to one thing to get the money plus additional benefits.
Martin Lewis' Money Saving Expert (MSE) has revealed a simple way for Brits to bag themselves a free £175.
The tip was shared in the recent MSE newsletter, which was dispatched to subscribers on Wednesday. The newsletter pointed out that several major banks have now reintroduced switching offers for new customers.
Banks and building societies frequently offer cash incentives to new customers who are willing to fully switch from their existing current account, and it's seen as a relatively "quick and easy" method to earn some extra cash.
MSE highlighted that four high street banks are currently offering incentives, with Santander's Edge offer being its "top pick". This incentive gives new customers £175 to switch.
Additionally, you receive one percent cashback on most bills you pay, along with some spending bonuses, reports the Mirror.
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MSE mentioned that the account does come with a £3 monthly fee, but if you pay bills such as council tax, broadband, energy, water, you can earn up to £10 a month back under the cashback offer. The same cashback applies to supermarket spend, fuel and train tickets, also capped at £10 a month.
To secure the £175, MSE clarified that there are a few requirements. Firstly, you must deposit £1,500 within 60 days and also set up two direct debits.
After this, you'll receive the £175 within 90 days.
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The MSE team has spotlighted a selection of enticing bank switching offers for those who might not be able to snap up Santander's deal. They've stated: "Our top pick is still Santander Edge's free £175 + seven pecent savings + bills cashback deal, which we highlighted two weeks ago. But now it's joined in our Best bank accounts guide by three others: First Direct's free £175 and top service deal, the new Club Lloyds' free £175 + rewards, and TSB's free £100 + £10/mth for six months."
First Direct is offering more than just a current account; customers can enjoy free transactions abroad, access to a seven percent regular saver, and a zero percent overdraft on the first £250. To be eligible, you must deposit at least £1,000 within the first 30 days after opening the account and make five transactions with your new debit card.
Club Lloyds is tempting switchers with a £175 bonus and perks including a year-long Disney+ subscription and six cinema tickets, despite its £3 monthly fee. You'll need to set up three direct debits to qualify.
On the other hand, TSB's Spend and Save account promises £100 straight away plus an additional £10 per month for half a year.
To secure the initial £100 from TSB, you need to use your card five times in the first month, followed by 20 transactions each month for six months to continue receiving the £10 cashback. If you hit 20 debit card purchases in December 2024, you're in for a treat choose between a hotel stay for two, six Odeon cinema tickets, or a six-month NOW Entertainment membership.
