MARTIN Lewis has revealed how you could earn £200 in free cash just by switching banks.
The consumer champion said most people were unaware of the payout during the latest episode of The Martin Lewis Money Show Live on ITV.
The Money Saving Expert said that there was a free £200 bank switch available at Santander with its Edge Account, despite it costing £3 a month.
It gives 1 per cent of cashback on most bills as well as 1 per cent cashback on groceries, fuel and travel.
And Martin estimated that on typical bills it will net you £70 to £100 cashback after the fee, although this could vary based on how much you pay.
There are a few terms and conditions to the account, which Sun Money has written about before.
Switching bank accounts is an easy way to get free month – but you should only switch if the account suits you and won’t leave you out of pocket.
The financial expert said that the normal January bank switch price war hasn’t happened this year.
But he said that there are a few decent switch offers for consumers and more could be due in February.
During the show, the Money Saving Expert also advised “most people” to ditch and switch as fixed ISA rates have jumped recently.
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Martin told viewers that unlike normal fixes with cash ISAs you can’t be locked in.
However, they can charge interest rate penalties if you withdraw early.
Martin also claimed that normal savings beat cash ISAs as they pay higher rates.
And the savings expert said that from April broadband providers will increase mid-contract rises due to December’s CPI inflation figure of 10.5 per cent.
Martin has advised viewers that are in contract to “diarise” when it ends as there is little you can do.