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

Martin Lewis has issued a £600 warning to Santander customers as he encouraged them to think about switching. The BBC Sounds podcast star used his latest Money Saving Expert newsletter to highlight the high street bank's free cash offer.

Santander customers can get £175 up front 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 max out the Edge limit of £4k.

Mr Lewis said: "Santander has stomped its feet and shaken up the bank-switching market with a new lucrative deal, which at its extreme could net some over £600." Santander is paying out the free sums of cash in 90 days, ITV star Martin said.

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He wrote: "The account costs £3/mth, but pays two sets of cashback, each up to a max £10/mth (so total £20/mth)." Mr Lewis explained it was one per cent bills cashback on council tax, energy, broadband, phones, water, and paid-for TV bills.

It also offers one per cent cashback on groceries and trravel on debit card spending at supermarkets and on fuel and train and bus travel. He said: " For households with average bills, we estimate that's a gain of typically £80/yr to £100/yr after the fee."

For households with bigger bills, Mr Lewis said: "The free £175 is also available on the Santander Edge Up* account, which costs £5/mth but the cashback's higher. Each category is capped at £15, so if you'll max them out it's a winner."

The account offers seven per cent on up to £4k. Mr Lewis said: "If you open Edge as a joint account, each of you get one of these accounts, doubling the gain." Customers need to switch and within the first 60 days, pay in £1,500 or more and set up two or more Direct Debits.