Martin Lewis issues £600 warning to Santander customers and says ‘extreme’

Martin Lewis issued a £600 warning to Santander customers as he encouraged them to consider switching. The BBC Sounds podcast star used his latest Money Saving Expert newsletter to highlight the leading bank’s free cash offer.

Santander customers can get £175 upfront by switching and even get £10 cashback on bills and £10 cashback on food and travel with an account, while customers also get £270 interest if they go over the £4,000 Edge limit.

Mr Lewis said: “Santander has stepped up and shaken up the bank switching market with a lucrative new deal which at the extreme could fetch over £600.” Santander pays the free cash back within 90 days, ITV star Martin said.

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He wrote: “The account costs £3/month but pays out two sets of cashback, each up to a maximum of £10/month. (so total of £20/month).” Mr Lewis explained that these were 1% bills. refund of council tax, energy, broadband, telephones, water and TV bills paid.

It also offers 1% cashback on food and travel for debit card spending at supermarkets and for fuel and train and bus travel. He said: “ For households with average bills, we estimate that this is typically a gain of £80/year to £100/year after tax.”

For households with higher bills, Mr Lewis said: “The top £175 is also available on the Santander Edge Up account*, which costs £5/month but the cashback is higher. Each category is capped at £15, so if you max it, it’s a winner.”

The account offers seven per cent up to £4,000. Mr Lewis said: “If you open Edge as a joint account, you each get one of these accounts, doubling your earnings.” Customers must switch and, within the first 60 days, pay in £1,500 or more and set up two or more direct debits.