Martin Lewis issues £550 warning and it affects Santander customers

Martin Lewis has issued a £550 warning and it affects Santander customers. Mr Lewis, the BBC and ITV star, explained customers can be £550 better off if they opt to switch to Santander as the Cost of Living crisis continues up and down the country.

Martin explained: “Probably my top all round pick is the Santander Edge account. It gives you £175 for free. It has a 7 percent easy access savings that you can put up to £4,000 in. That’s massively better than the best by open market easy access savings that’s 5.1 percent.

“It gives you 1 percent cashback on bills paid on it up to £10 a month and 1 percent cashback if you spend on the debit card, train and bus and fuel spending. So total cashback each month up to £20, on my estimate after the £3 fee, most people will be up £80-100 a year, and that’s without the £175. So for someone who’s also got savings, which has a maximum of £275 interest, you’re talking around a gain of around £500.

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“It also has no foreign exchange rates so good for spending abroad.” The Santander Edge current account offers customers up to £20 a month from cashback on essential bills and spending, a linked 7.00% AER easy access saver, and fee-free spending abroad using the Santander Edge debit card, for a £3 monthly fee.

Santander’s Edge Up current account offers customers up to £30 a month from cashback on essential bills and spending, 3.5% AER in credit interest (up to £25,000) on their current account balance, and fee-free spending abroad, for a £5 monthly fee.

The Santander Private Current Account (v2) offers customers up to £1,500 in daily withdrawals from cash machines, access to 10,000 branches across 11 countries, and 3.5% AER interest on balances up to £25,000, for a £5 monthly fee.