Martin Lewis Money Show: Are you missing out on £200 free cash? how to claim

BRITS could get their hands on £200 free cash by switching bank accounts.

Martin Lewis has revealed Lloyds Bank pays switchers the cash if they move to one of it's premium accounts.

The cash boffin told his Money Show Live about the bank's 'Silver Account' membership, which costs £10 a month, and includes EU travel insurance, smartphone and AA cover.

But because you've already got a free £200 from the bank - you essentially get the package free for 20 months.

The package covers multi-trip travel cover for Brits up to 65 and their families - including cancellation, medical costs and personal belongings.

You will also be entitled to AA Roadside Assistance across the UK, Channel Islands and the Isle of Man.

You can get cover for yourself and eligible family members in most vehicles whether travelling as a driver or passenger.

The deal also covers breakdown, faults, accidental damage, loss and theft up to £2,000 on your mobile phone.

The £200 sum will land in your account ten working days after switching to a 'Silver Account'.

Before you switch, you should always consider whether the perks are worth the fee and whether you've already got cover elsewhere.

The free cash offer ends March 7, 2023, meaning you won't be able to make the most of Martin's saving trick if you miss the date.

It's also important to know there are a number of factors that could stop you qualifying for the bargain.

You will also be counted out of the deal if you have received cashback for switching to Lloyds Bank since April 2020.

You must start your switch by March 7, you will not be considered for free cash if you start after this date.

Existing Lloyds Bank customers also qualify for the package - but like new customers, they must chose a qualifying account.

You can switch to the membership package via internet banking or using the mobile banking app.

It's worth comparing switching offers before going ahead, last week Mr Lewis highlighted a £200 offer from rival bank Santander.