Martin Lewis reveals how to get £200 free cash in time for Christmas

16 November 2022, 10:41 | Updated: 16 November 2022, 10:43

Martin Lewis reveals how to get free cash for Christmas

Naomi Bartram

By Naomi Bartram

Money Saving Expert Martin Lewis has explained how to get £200 free cash.

Martin Lewis has revealed how you can get up to £200 free in time for Christmas by switching banks.

The Money Saving Expert has been sharing tips to help families during the cost of living crisis.

Speaking on his ITV show, Martin revealed one way to get some extra cash is to take advantage of promotions by banks.

"We have a hot range of bank account deals at the moment. This is for newbie bank account switchers,” he told viewers.

Martin Lewis on his Money Saving Show on ITV
Martin Lewis on his Money Saving Show on ITV. Picture: ITV

"It usually takes seven working days to switch, so in reality that's around 9 or 10 days, they will close your old account for you."

There are three main banks offering the biggest payments for switching which include Nationwide, HSBC and First Direct.

First up, opting to change your account to a Nationwide Building Society FlexDirect can earn you £200.

They are also offering 5% interest on up to £1,500 for one year and 12 months of a 0% overdraft.

"The customer service rating is pretty good there,” Martin said.

HSBC is offering a £200 reward for anyone who switches
HSBC is offering a £200 reward for anyone who switches. Picture: Alamy

"It's also paying quickly - after your switch is complete, it then pays within ten days of the switchover, provided you meet the terms and conditions."

But you have to pay at least £1,000 into the account each month and transfer with two active direct debits.

If you do decide to switch this week, you could have the money in your account by December 5.

HSBC's UK Advance account is also offering customers £200 to switch as well as a 3% interest on up to £10,000 with a linked savings account.

To quality, you have to make a one-time payment of £1,500 into the account and two or more direct debits or standing orders.

Martin Lewis reveals tips to get free food on ITV show

The money could be in your account by December 15 if you go ahead with this switch this week.

As for First Direct's 1st account, they are offering customers £175 as well as a 0% overdraft and a 3.5% linked regular saver.

Martin says you could get the cash on December 23 if you choose to switch now.

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