Martin Lewis reveals how to get £200 free cash in time for Christmas and his top tips to save money on presents

MARTIN Lewis has revealed how Brits can get up to £200 free in time for Christmas by simply switching banks.

The money-saving expert urged people feeling the bite of the cost of living crisis to cash in on the hack ahead of the festive period.

He told viewers of The Martin Lewis Money Show they could bag hundreds of pounds for free by taking advantage of the promotions.

Martin also advised fans to avoid dishing out swathes of presents to loved ones this year as families feel the pinch.

The presenter warned people to avoid "creating a lust list" ahead of Christmas in the hopes of achieving a magical day.

He warned it could lead to debt and disappointment, and urged viewers to find ways to make Christmas more affordable.

To help, banks often launch switching offers at this time of year to tempt new customers, with perks such as free cash, vouchers, cashback deals and exclusive savings rates.

The 50-year-old broke the process down for Brits as part of his Christmas preparation special on Tuesday.

Martin said: "We have a hot range of bank account deals at the moment. This is for newbie bank account switchers."

He explained customers must switch using the official switching service (CASS) and have to pass a credit check to be eligible for the offer.

By acting now, you can bag the cash before the Christmas period completely kicks in.

Martin said: "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."

Which banks offer the bonuses?

Martin suggested three banks offering the most attractive payments for switching: Nationwide, HSBC and First Direct.

Starting with the "standout", he told how opting to change your account to a Nationwide Building Society FlexDirect can earn you £200.

As well as the money, you can take advantage of 5% interest on up to £1,500 for one year and 12 months of a 0% overdraft.

Martin added: "The customer service rating is pretty good there.

"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."

By his calculations, Martin says if you switched by tonight or tomorrow you could have the funds in your account by December 5.

But to qualify for this, you have to commit to paying in a minimum of £1,000 each month and transfer with two active direct debits.

Next up is HSBC's UK Advance account, which is also offering customers £200 when they switch.

Brits can take advantage of their 3% interest on up to £10,000 with a linked savings account, which Martin said is a "pretty good deal".

The sum could swoop into your bank account by December 15, if you meet the terms and conditions.