Martin Lewis’ Money Saving Expert on how Brits can get £175 payment by spending £2 – Yorkshire Live

by MoneySaverExpert

Martin Lewis’ Money Saving Expert website has revealed how cash-strapped people can get a £400 cash-injection into their bank accounts.

With bills, shopping and fuel all going up in cost, most of us are looking at quick ways to save or make money. Now MSE has outlined a handy trick that will give you a £400 boost.

The money won’t land in your account instantly but it will help to give you some extra cash that you wouldn’t have otherwise had. First, MSE suggests you claim £175 by switching to the Santander 123 Life account.

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The account charges you £2 a month but you will earn that back easily with the £15 a month cashback if gives you. In total, there are three ways to earn cashback with each method being capped at £5 per month

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 2% back on gas and electricity bills, and Santander life and home insurance, then the third tier is 3% cashback on water bills.

The Money Saving Expert website estimates a home with mid to large bills could earn up to £80 per year, even after the fee. However, there are some other eligibility criteria you need to get the £175 switch bonus, says the Mirror .

The website states: “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/month (for example, by paying your salary in). The bonus will be paid within 30 days of meeting the criteria.”

Similarly, First Direct is also offering a switch incentive. While they don’t offer cashback they are giving anyone who sets up a current account with them £175. The final step to getting £400 free, is to apply for the app-only Chase current account.

This account offers 1% cashback on all 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.”

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