Martin Lewis reveals how to get £175 free cash by switching your overdraft before Christmas – and it can save you money

MARTIN Lewis' MoneySavingExpert has revealed how to get hold of £175 in free cash - and all you have to do is switch overdrafts.

The consumer website how you can get the boost by switching your current account to First Direct.

The bank is offering £175 to anyone signing up to its 1st Account and you might be able to access an ongoing £250 0% overdraft too, depending on your circumstances.

The bank has a calculator on its app and website telling you if you qualify for the overdraft.

To get hold of the £175, you have to switch to First Direct using the Current Account Switch Service (CASS).

You also have to pay £1,000 into the account within three months and login to the app or online.

Once you've done all this, the bonus will be credited to your account within 28 days.

Customers switching to First Direct can also gain access to a 7% regular savings account, up to £300 a month, for the first year.

There's also no monthly fee to maintain the 1st Account.

How to switch current accounts

Switching bank accounts can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.

You don't have to remember to move direct debits across when moving as this is done for you.

All you have to do is apply for the new account you want and the new bank will tell your existing one you're moving.

There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

You should get in touch with your existing bank for any old statements.

What other banks are offering switching bonuses?

You can get £200 from Nationwide if you switch to its FlexDirect, FlexPlus or FlexAccount accounts.

You just have to open the account online or in-app and switch your account across, including two direct debits.

The bonus is then paid with 10 days.

You can't get the £200 bonus if you have had a switch bonus from Nationwide since August 18, 2021, though.

Anyone joining Nationwide will also gain access to an 8% interest savings account, on up to £200 a month.

Meanwhile, the Co-operative Bank is offering customers £125 if they get a family member or friend to sign up for one of its accounts.

The person signing up for an account will receive the same amount of cash too.

Customers with a Cashminder account, Student account, Current account Plus, Privilege or Privilege Premier account can make a referral.

However, anyone making the switch has to open a Current Account or Everyday Extra account.

The offer is also only running until tomorrow, so you'll have to be quick.

In other news, The Sun spoke to one 24-year-old who has made £1,000 from switching current accounts.

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