Martin Lewis shares a money-saving hack that could make you £600 richer

Money saving expert Martin Lewis for a bundle of cash.

Martin Lewis has shared that a move to Santander could be very lucrative (Picture: Jonathan Hordle/ITV/Getty)

Our favorite money-saving expert Martin Lewis has revealed how to earn over £600 and it doesn’t take much effort at all.

The money guru took to X (Twitter) to share with his followers that Santander has launched a new transfer deal that could be very lucrative.

Simply put, he suggests you make one change that will make your money work harder for you.

It’s no secret that banks offer a payment to switch from your current bank to theirs and this new offering does just that and more.

Martin tweeted: ‘Santander has launched a new bank switching deal, with some serious benefits… FREE £175 + 7% savings + 1% cashback on accounts + cheap spend abroad + possible 2% cashback on all spend.’

What does this mean?

If you switch from your current bank to Santander, you can earn a lump sum of €175 as an incentive to choose Santander’s services.

Open an account online or in a branch, then switch to an account from another bank within 60 days, set up two or more direct debits and pay €1,500 into your new account.

A bank branch in Santander,

Martin suggests a move to Santander could make you some money (Picture: Getty Images)

If you do this, the €175 will be paid between 60 and 90 days after starting the transfer.

You are not eligible for this switching bonus if you have already had one from Santander and you must come from another bank.

The money-saving expert recommends specifically opting for the Santander Edge account – a current account that costs £3 per month.

Why spend money on a checking account? Well, Martin points out that you get double the cashback for it, totaling up to £20 per month.

This includes 1% cashback on all your dreaded and unavoidable expenses such as council tax, energy, broadband, phones, water and paid TV bills.

You also get 1% cashback on debit card payments at supermarkets, on fuel and on train and bus trips – making weekly shopping a little less painful.

Martin estimates that for an average household, this equates to an extra $80 to $100 on your bill per year, and that’s after the cost of the bill.

To be eligible for this cashback, you must deposit €500 per month into the account, so €6,000 per year.

When you open the Edge account you also get an easy-to-access savings account with 7% interest on your money, up to £4,000.

This works out to around £270 in interest per year, according to the money guru, if you max out the account of course.

Piggy banks at a crossroads

If you open a joint Edge account, you get two savings accounts and therefore double the interest (Photo: Getty Images)

If you open an Edge account as a joint account, you secretly get a savings account each, so if they both max out you could get almost £500 a year.

Finally, if you pass a credit check you’ll get access to an Edge credit card which gives you 2% cashback on almost all your spend in the UK and abroad, meaning you can earn up to £12 a month.

After the first year of using this card, the cashback drops to 1%.

It goes without saying that if you can’t pay off the credit card in full, you shouldn’t use it because you’ll get a hefty 29.8% APR. This is the measure of the interest rate plus the additional costs charged with the loan.

Martin’s Money Saving Expert site read: ‘[This]In the extreme case this could generate around £600 a year.’

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