Martin Lewis says Barclays, Lloyds and other bank customers can claim £175 free cash

Money Saving Expert Martin Lewis has explained how people can get free cash in the run up to Christmas - but the offer isn't available to everyone, he warned

Martin Lewis has shared a tip on how to bag an extra £175 in time for the festive spending spree. By switching to First Direct's 1 Account from your current bank, you can get some free cash, according to the Money Saving Expert.

In his latest newsletter released on 18 September (Wednesday), the BBC and ITV personality said: "Grab a FREE £175 in time for Christmas. All banks, bar one, have turned off their switching 'bribes'. I hope some will return, but there's no guarantee."

The deal isn't open to those who have been with HSBC UK since January 1, 2018. However, it is up for grabs for customers of Nationwide, Santander, Barclays, NatWest, TSB, and Lloyds, as per Mr Lewis' update in his MSE newsletter, reports Birmingham Live.

He further highlighted: "Luckily, the one currently available is often a top pick, so it's worth considering." Elaborating on the perks of First Direct, he said: "First Direct FREE £175, top service, 0 per cent overdraft, 7 per cent linked saver. First Direct pays newbies who use its switching service £175, so do it now and you can get the cash by 20 Nov, plenty of time for it to go towards your Christmas coffers."

Adding to the benefits, he stated that the account is well-regarded for its customer service, with a 90 per cent great rating. Moreover, it provides a 7 per cent regular savings account where you can save up to £300 monthly, an ongoing £250 interest-free overdraft for many, and a debit card offering ideal rates overseas.

First Direct has set certain requirements for new account openers, as mentioned on its website: "Within 45 days of your account opening you need to: switch to us using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking. New customers only, who haven't previously held a first direct product."

The bank further states: "Sorry, we also can't offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time. Subject to status. UK residents only."