May 18th 2024.
Renowned financial expert Martin Lewis has recently shared an exciting opportunity for people to earn over £600 without having to put in much effort. Through a post on his social media platform, he revealed that Santander, a popular banking institution, has launched a new switch deal that could prove to be very lucrative.
In simpler terms, Lewis suggests that by making one simple change, individuals can make their money work harder for them. As many may already know, banks often offer incentives for individuals to switch from their current bank to theirs, and this new offer from Santander is no different. In fact, it goes above and beyond, offering a range of benefits such as a free £175, 7% savings, 1% cashback on bills, low fees for spending abroad, and even a possible 2% cashback on all spending.
So, how does one take advantage of this deal? Well, it's quite straightforward. All you have to do is switch to Santander from your current bank, either through their online platform or a branch. Within 60 days, you must transfer an account from a different bank, set up at least two direct debits, and deposit £1,500 into your new account. According to Lewis, this could potentially earn you a lump sum of £175 within 60 to 90 days of starting the switch.
However, there are a few eligibility criteria to keep in mind. You cannot have previously received a switching bonus from Santander, and you must be coming from a different bank. Additionally, Lewis recommends choosing the Santander Edge account, a current account that charges a monthly fee of £3. Despite the fee, this account offers two types of cashback that can add up to £20 a month. This includes 1% cashback on essential expenses like council tax, energy, and broadband bills, as well as 1% cashback on debit card spending at supermarkets, fuel stations, and on train and bus travel.
For the average household, this could mean an extra £80 to £100 a year, even after accounting for the account's monthly fee. To be eligible for this cashback, you must deposit at least £500 per month into the account, which amounts to £6,000 per year. What's more, opening a Santander Edge account also grants you access to an easy-access savings account with a whopping 7% interest rate on up to £4,000. According to Lewis, this could earn individuals around £270 in interest per year, if the account is maxed out.
But the benefits don't stop there. If you open a joint Santander Edge account, you'll receive two savings accounts, effectively doubling the potential earnings. To top it off, individuals who pass a credit check can also access an Edge credit card that offers 2% cashback on both UK and international spending. This could potentially amount to £12 a month, but it's important to note that after the first year of use, the cashback rate will drop to 1%.
However, it's crucial to use the credit card responsibly and pay off the balance in full every month to avoid hefty fees. As Lewis cautions, the APR (Annual Percentage Rate) for this card is 29.8%, which includes the interest rate and additional charges for the loan. The expert's website estimates that this deal could earn some individuals over £600 a year if taken to the extreme.
Have you taken advantage of this opportunity yet? If not, don't miss out on this chance to boost your savings and make your money work harder for you. Get in touch with us by emailing [email address] if you have a success story to share.
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