Martin Lewis Show – Money saving expert reveals how you can earn £200 by switching banks
MARTIN Lewis has revealed how you could earn £200 in free cash just by switching banks.
During an episode of The Martin Lewis Money Show Live on ITV, the consumer champion said most people were unaware of the payout.
The Money Saving Expert said that there was a free £200 bank switch available at Santander.
He also noted that the Edge Account at the bank was a highlight because it only costs £3 a month.
It gives 1% of cashback on most bills as well as 1% cashback on groceries, fuel and travel.
And Martin estimated that on typical bills it will net you a £70 to a £100 cashback after the fee.
The financial expert said that the normal January bank switch price war hasn’t happened this year.
But he said that there are a few decent switch offers for consumers and more could be due in February.
During the show the Money Saving Expert also advised “most people” to ditch and switch as fixed ISA rates have jumped recently.
Martin told viewers that unlike normal fixes with cash ISAs you can’t be locked in.
However, they can charge interest rate penalties if you withdraw early.
Martin also claimed that normal savings beat cash ISAs as they pay higher rates.
And the Savings expert said that from April broadband providers will increase mid-contract rises due to December’s CPI inflation figure of 10.5%.
Martin Lewis has advised viewers that are in contract to “diarise” when it ends as there is little you can do.
Since 2016 most people do not pay tax as Personal Savings Allowance means.
Next week Martin will offer advice on how to make money on your savings.