Martin Lewis’ MoneySavingExpert explains how to get £200 free cash by Christmas

MARTIN Lewis' MoneySavingExpert has revealed how you can get £200 free cash before Christmas.

Many banks and building societies offer bonuses if you switch your accounts to them.

Free cash, vouchers, cashback and and exclusive savings rates are usually up for grabs.

And Nationwide is the latest to offer a free money bonus for new customers who move over to their FlexDirect account, .

Anyone can get the bonuses unless they've switched a current account to Nationwide since August 18, 2021.

To get the bonus you just have to go on Nationwide's website, or use its app, and switch from a non-Nationwide current account to a  account.

You also need to make sure they have two active direct debits set up within 60 days to get the free cash.

The bonus should then be paid within 10 days.

Nationwide FlexDirect customers will also get 5% interest for a year on balances up to £1,500 and a 0% overdraft, depending on their credit score.

To qualify for the 5% interest rate though, customers will need to pay £1,000 into their FlexDirect account every month.

To be eligible for the free cash from Nationwide, customers have to make the switch using the (CASS).

Remember though, free cash shouldn't be the only reason you switch.

You should move your account across because what its offering suits your needs and is a good deal.

How do I switch bank account?

It's easy to switch your bank account using the  (CASS).

You don't have to remember to move direct debits across when moving either as it does this for you.

All you have to do is apply for the new account you want and the new bank will let your existing provider know you're transferring across.

There are some steps you can take before switching though, including choosing the date you'll switch, or organising transferring your old bank statements to your new account.

If you want to get hold of old statements you should get in touch with your bank.

What other banks offer free cash?

First Direct pays new customers £175 in free cash if they switch to its .

You have to transfer £1,000 when you open the account but there’s no minimum amount per month you need to pay in to get the cash.

Once the transfer is made, customers should get their free cash within 28 days.

First Direct also offers new customers an interest-free arranged overdraft on any balances up to £250.

But always remember, an interest-free overdraft should only be used in an emergency or to get you through a particularly expensive month.

NatWest and Royal Bank of Scotland is also offering customers £175 in free cash.

The  and  current accounts give those who switch £175 in cash and £3 a month in cashback.