Martin Lewis' Money Saving Expert team have shared an "easy trick" to make cash quick.
The first step is to change your current account. You can claim £175 by switching to the Santander 123 Lite account.
The account costs £2 a month but the money can easily be earned back as you gain up to £15 a month in cashback - cancelling out the fee. In total, there are three ways to earn cashback with each method being capped at £5 per month.
READ MORE: Martin Lewis hits back at troll who tells him to 'be quiet'
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.
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.”
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
READ MORE:
DWP offering 15 payment boosts for those on Universal Credit
Man swears by breakfast air fryer recipe with only three ingredients
Emmerdale returns to ITV in a new timeslot
Good Morning Britain’s Ben Shephard fears Royal Family have made ‘first misstep’
Coronation Street fans say one line minutes into episode made it 'worth the wait'
