Martin Lewis reveals 'easy trick' to get £175 by spending just £2
21 September 2022, 15:54
Money Saving Expert Martin Lewis has urged people to spend £2 to get an instant £175 payment.
With the cost of living crisis hitting us all, now Martin Lewis has revealed how you can get a free £175.
The Money Saving Expert revealed the "easy trick" which involves switching to a Santander 123 Lite account.
It costs £2 a month to open the account, but that money can be earned back as the holder can gain up to £15 a month in cash back.
There are three different ways to get cash back, with each capped at £5 a month.
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According to the MSE website, 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 two per cent back on gas and electricity bills, and Santander life and home insurance.
While the third tier is three per cent cash back on water bills.
MSE estimates a home with mid to large bills could earn up to £80 per year, even after the fee.
There also are some other eligibility criteria you need to get the £175 switch bonus.
MSE explained: “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.”
There are also other banks and building societies are also offering similar incentives for customers to switch.
First Direct are giving anyone who sets up a current account with them £175, while the app-only bank Chase offers one per cent cashback on 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."
