Martin Lewis has issued Santander customers with a £600 reminder and urged them to think about switching. The BBC Sounds podcast star used his latest Money Saving Expert newsletter to highlight the branch bank’s free cash offer.
Santander customers can get £175 up front by switching and even get £10 cashback on bills and £10 cashback on food and travel with one account, while customers can earn an additional £270 in interest if they max out the £4,000 edge limit.
Mr Lewis said: “Santander has stamped its feet and shaken up the bank switching market with a new lucrative deal which could, in extreme cases, bring in over £600.” Santander will pay out the free cash within 90 days, ITV star Martin said.
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He wrote: “The account costs £3/month but pays two rates of cashback, each up to a maximum of £10/month (so a total of £20/month).” Mr Lewis explained that it was one percent notes Cashback on local tax, energy, broadband, phone, water and paid TV bills.
It also offers one percent cashback on groceries and travel when spending debit cards in supermarkets and when refuelling, as well as when travelling by train and bus. He said: “ For households with average bills, we estimate that after the fee, the gain is typically £80-£100 per year.”
For households with higher bills, Lewis said: “The free £175 is also available on the Santander Edge Up* account, which costs £5/month but offers more cashback. Each category is capped at £15, so it’s a win if you make the most of it.”
The account offers seven per cent on up to £4,000. Mr Lewis said: “If you open Edge as a joint account, each of you gets one of these accounts, doubling the profit.” Customers must switch and deposit £1,500 or more within the first 60 days and set up two or more direct debits.
