As the cost of living crisis creates many problems for households across the UK, energy bills and weekly shopping has forced people to spread their budget as far as possible.
However, Money Saving Expert Martin Lewis is on hand to help the British public out to save all the pennies. Birmingham Live reports that the financial guru has let households in on a secret hack to generate £175 instantly.
The money type, flagged by Martin, is to claim a total of £175 by switching to a Santander 123 Lite account. The account is two quid monthly, but this measly cost can be earned back as account holders generate at least £15 a month in cashback.
READ MORE - The cheapest time to use your washing machine every day to keep energy bills low
Overall, there are three ways that people can earn cashback, with each method capped at £5 each four weeks. The first way is through the following: council tax, mobile and home phone bills, broadband and paid-for TV packages and Santander mortgage payments.
The second tier is to gain cashback through gas and electricity bills, and Santander life and home insurance. The third and final way is three per cent cashback on water bills.
Money Saving Expert Martin Lewis estimates that a home with medium-to-large bills could earn up to £80 extra a year on this hack, even after the monthly fee. However, there are some other eligibility criteria needed to get the £175 switch bonus.
The Santander website reads: "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.”
First Direct is also offering a switch incentive to coax people to their company. While cashback is not offered, anyone who sets up a current account with them also gets £175.
You can also apply for a account through the app-only Chase current account. Chase offers one per cent cashback on all daily spending.
Martin added: "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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