Martin Lewis urges Barclays customers to act or lose £175

Martin Lewis has said TWO new free cash offers are being launched for bank customers. The BBC Sounds and ITV star spoke out on social media, as in its latest Money Saving Expert newsletter, he revealed how to bag a "rare" £175 freebie.

Mr Lewis wrote: "Two new FREE CASH banks switch deals have launched, First Direct with '£200' and rarely Barclays with £175 (good for those who've done all the rest)... my full info, help, pros & cons..." A Twitter user asked: "Any idea if this is available to people currently paying off an IVA or would that be considered credit?"

"You would have to pass a credit check, so it would be difficult," Mr Lewis said. "I'm worried about the fact that our last two banks are closing in September. We were promised a community hub but as of July nothing," a second said.

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"Barclays is rubbish, you have to pay £5 a month fee to get the "5.1%" savings interest, it's capped at 5k and the fee drops it below 5%, I'm actually just transferring out from them, their interest rates are the lowest on the market.. they also just put my CC up 10%. Bye barclays," another wrote.

The latest offer, by Barclays, gives new customers a £175 welcome bonus as well as other extras such as Apple TV and cashback with several retailers. To get the reward, you need to use the Barclays app to switch to the bank by August 30.

Money Saving Expert said the offer is "great news" for people who regularly switch bank accounts because Barclays rarely launches offers like this. The newsletter reads: "Barclays bank switch bribes aren't common, which is great news for regular switchers as it means many won't fall foul of the 'must be a new customer' rule."

Barclays customers need to download the app and open a Barclays Bank Account or Premier Current Account between July 8 and August 30. If you open a Barclays Bank Account, you will also need to sign up for Blue Rewards in the Barclays app, which comes with a £5 monthly fee.