Martin Lewis reveals how anyone can get a free £175 in their bank account

Money Saving Expert Martin Lewis has revealed how anyone with a bank account can get a free £175. The 52-year-old host of the MSE show on ITV said there were two methods of getting the cash - and they involved switching to two new bank accounts.

Speaking on the show on Tuesday evening, June 11, Mr Lewis explained that you can get a free £175 if you switch to a Santander Edge account, which is a cashback current account. This type of account gives you money back on your day-to-day spending.

The Santander Edge account offers one per cent in bills cashback and seven per cent savings. Meanwhile, people can also get a free £175 if they switch to First Direct. The tips were offered on the show under the headline: "Willing to switch bank? Earn free £175 too."

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However the Money Saving Expert said people must use a switching service, be new to the bank and also meet the minimum pay-in criteria alongside other eligibility terms.

Martin Lewis said: "Santander Edge and First Direct give you those near perfect exchange rates, (with) no card fees. Santander Edge has a monthly fee of £3 but you get cashback on bills paid by direct debit of up to £10 a month and supermarket fuel and trade spend. On typical bills, that’s £80 to £100 a year for most people, that’s on top of £175 for free.

"The competitor, First Direct, (is) fee free, so you don’t pay anything. (It has a) top service rating. Many customers get a zero per cent overdraft to £250. So, if you are overdrawn (by) £400, (that free) £175 takes you down to £225 and you are not paying anything on your overdraft."