Martin Lewis, the founder of MoneySavingExpert.com, is advising bank customers to consider switching to Santander in order to take advantage of a lucrative signing bonus worth £235. This promotion includes £200 cash for customers who open a new account with the bank, alongside a potential £25 Amazon voucher, making it an attractive option for those looking to maximize their banking benefits.
During a recent episode of The Martin Lewis Money Show Live on ITV, Lewis highlighted the advantages of the Santander Edge account, which has a monthly fee of £3 but offers substantial cashback opportunities. Customers can earn £10 per month in cashback on household bills paid through the account, which can offset the monthly fee and even result in a net gain over the year.
Switching Made Simple
The switching offer is available to customers of a wide range of banks, including Halifax, Lloyds, HSBC, Barclays, and NatWest, as well as Nationwide. Lewis emphasized that the best way to access the additional £25 Amazon voucher is through comparison websites rather than directly from Santander. He mentioned that the voucher amount may vary, indicating it could be as high as £35 in certain offers.
Lewis stated, “Santander Edge is currently giving £200 for switching but there’s an extra £25 Amazon voucher available at the moment. This is my top pick bank account for bills or paying joint bills because, while there’s a £3 a month fee, you get 1% cashback on bills you pay from it.” He added that for many, the cashback easily covers the monthly fee, making it a financially sound decision.
Switching banks can be done through the automatic bank switching service, which typically takes seven working days. Lewis advised customers to act promptly if they are considering this change, as the benefits could be realized as soon as March 2024.
For those interested in staying informed about financial opportunities, readers can join a dedicated WhatsApp community for updates or sign up for a daily Money Saving Newsletter. This newsletter covers essential information related to the cost of living, including changes to benefits, payments, banking, and shopping discounts.
With the potential to earn significant cashback and bonuses, Santander’s offer, as promoted by Martin Lewis, presents an appealing opportunity for customers eager to make the most of their banking experience.
