The Money Saving Expert Martin Lewis has issued easy advice to families to potentially save hundreds of pounds through their bank accounts if they own a mobile phone, a car, or go on holidays. The guru, known for giving people various tips on ways to save their cash, issued his latest advice on his website.
Families and individuals who pay for travel insurance, mobile phone cover and breakdown cover could have an opportunity to keep hold of £100s each year with the current top package bank accounts. It will come as welcome news as families up and down the nation struggle with the hiking cost of living crisis.
Sharing the latest advice to his website , people have been told they could pay as little as £15 with packaged bank accounts, but enjoy up to £500 of family travel, mobile, breakdown insurance and over £100 of freebies if they switch. The M.E.N reported on Tuesday his £79 warning to anyone with an Amazon Prime account. Read more on that here.
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Calling the packaged accounts the 'marmite' of banking, Martin Lewis said although they may be cleverly used to get families hundreds of pounds of insurance for a fraction of the cost, they can be unsuitable for many. Virgin and Nationwide are the two top accounts that Lewis has pitted against each other. Read the full summary of the latest tip here.
He notes that for £14.50 a month with Virgin bank (£174 a year), people who switch will receive 20,000 Virgin points, which is convertible into 2 bottles (£100) of wine, a return flight to New York, £97 gig tickets, or 100 Greggs sausage rolls. Mobile phone cover worth £70 a year per person will cover family's owned phones, laptops and tablets.
There is worldwide travel insurance included up to 75 years old, including winter sports and golf trips. Green Flag (UK) cover is available for the account holder(s) in any vehicle, including roadside & home assistance.
Compared is the Nationwide Flex Plus account, which is a slightly cheaper £13 a month (or £156 a year). The switch bonus offered is £100 in cash.
All family smartphones are covered, including the account holder, their partner and any children up to 18 living at home. There is worldwide family cover up to age 69 included, but families can pay £65a year to extend that cover if aged over 70 years old.
AA (UK and Europe) cover is also thrown in for the account holder(s) in any vehicle, including roadside, home assistance and onward travel, should they need. Martin urged those families who are likely to purchase these levels of insurance to look into the offers, but advised against it for those who don't.
Martin Lewis also issues a further breakdown of average holiday insurance costs, mobile phone and breakdown cover< so that families can compare the difference in price to evaluate any savings they could make.
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