Martin Lewis outlines simple way to get £200 in free cash

As people continue to struggle with the cost of living crisis, Lewis explained that by simply switching personal bank accounts to another provider, it could save money.

Many high street banks are offering "banking bribes" to tempt new customers to join them, including NatWest's Reward account which is offering free £200 cash as well as up to £36 a year in cash back.

Switchers will need to change from a different bank, pay in £1,250 or more, and use the app within 60 days.

Within a week the £200 should then deposit in the bank account.

First Direct is also offering switchers to its 1st Account a free £175, as well as a £30 Amazon voucher and a seven per cent interest saving account.

There's also a £250 interest-free overdraft, however customers will need to open the account by June 19, having switched from an account with a different bank.

At least £1,000 will need to be deposited within three months and then the £175 will land in 28 days.

An email with instructions on how to claim the £30 voucher will also arrive within 90 days of opening the account.

In addition, bankers can't have ever had any account with First Direct or opened a current account with sister bank HSBC since January 2020.

Those who have received switch cash from NatWest, RBS or Ulster since October 2017 will not be eligible.

Lewis said: "The Current Account Switch Service (CASS) process is straightforward and takes just seven working days.

"If you're unhappy with your bank, switching to a new one is quick and easy these days – and now's a great time to do it as banks are currently offering up to £200 free cash for your custom.

"Yet you don't always need to switch to get a good deal – other accounts give cashback on spending or bills, or pay decent savings interest."