Martin Lewis has urged people to take up an offer that ends at 2pm on July 31. The offer may help homeowners “easily profit” every month but time is running out to claim the deal. Santander‘s latest switch offer includes £180 for those who are eligible for the bank’s standard switch bonus. Along with this, people are also being given a £45 Amazon voucher, bringing the total rewards to £225 between the switch bonus and gift card.
In Martin Lewis’ weekly email to MoneySavingExpert fans, he said: “Santander Edge newbies switching to it get the normal £180 cash plus a £45 Amazon voucher. It’s the top account for bills, as while you pay a £3/mth fee, it gives 1% cashback on household bills paid by Direct Debit.” To earn the maximum monthly cashback (capped at £10 per month) on household bills, customers would need to pay exactly £1,000 in qualifying bills each month.
- Council Tax
- Gas and Electricity
- Water
- Mobile and Home Phone
- Broadband and paid-for TV packages
The £10 “profit” drops to £7 after the £3 monthly mandatory fee for the account is deducted. But if households consistently saved this extra money, it would work out to almost £85 extra a year, reports The Mirror.
Martin added that, because the majority of homes would be paying these anyway, “most homes [would] easily profit” from holding an account like this.
To lock in the incentive, people must formally submit their application and request the switch via the Current Account Switch Service (CASS) before the deadline hits.
As long as your application is submitted on time, you remain eligible for the payout, even if the actual 60-day switching process completes in August or September.
To ensure people actually receive their cashback rewards, they must also meet these monthly account criteria:
- Pay a £3 monthly fee to maintain the account.
- Pay at least £500 into the account each month.
- Maintain at least two active Direct Debits
To claim the bonus and Amazon gift card, there are a few extra steps.
For these, new account holders must pay in at least £1,500 within 60 days of opening the account online or in a branch.
The Amazon deal, which ends on July 31, also requires customers to open the 8% regular saver and deposit £200 all within 30 days. Those who meet the qualifying criteria will receive an email with a link to claim their voucher.