Martin Lewis says people with £1,000 in bank account can get free £175

Martin Lewis has warned everyone in the UK they can get a free £175 amid the Cost of Living crisis - but the deadline's fast approaching. BBC Sounds podcast host Mr Lewis, who is an ITV regular, warned there are just days left to claim £175 in free cash.

First Direct is currently has a £175 switching offer to savers joining the bank using the Current Account Switching Service. Mr Lewis told listeners to his BBC podcast: "A few weeks ago, there were five banks willing to pay for your custom, now just one is left.

"It's a good one. It's top customer service bank first direct, which pays new switchers £175, gives many people a £250 interest-free overdraft and you get access to its linked seven percent savings account. Do check the full eligibility criteria."

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The bank switching offer is ending on Monday, April 22. To claim the £175, you will need to complete a full switch through the service, including at least two direct debits or standing orders. Customers also need to deposit £1,000 into the account and log on to the digital banking platform.

If you don’t already have direct debits in place then the easiest thing to do will be to set up standing orders. These are simple payments from your account to another of your accounts. Once the switch is complete and you’ve got the cash, can cancel the these payments.

The full £175 will be paid to your account before the 20th of the month following you completing all the criteria. Since it’s unlikely anyone will be able to do this in March, and the offer ends 22 April, it means you can expect the cash by 20 May 2024.

Other switching offers are also available from rival high street banks too, Mr Lewis says.