Martin Lewis's MSE issues an urgent warning to claim £185 in free cash

The MARTIN Lewis team have issued an urgent warning to those hoping to get their hands on £185 in free cash.

The founder of MoneySavingExpert.com (MSE) explained how you can get the free money boost by simply changing your checking account.

In the latest MSE newsletter, the team said: “Last week three banks paid for your custom – now it's two and the others could go at any time.

“First Direct's free £175 is the best choice as it is rated 90% 'great' for service in our latest poll, plus an associated 7% regular savings account (max £300 per month ), an overdraft of 0% and free foreign spending.

“TSB Spend & Save's free £125 switcher pays an extra £10 per month for six months if you use the debit card 20 times a month.”

First Direct, a subsidiary of HSBC, is offering £175 to anyone who signs up for their first account, and you may also be able to access a £250, 0% revolving overdraft, depending on your circumstances.

The bank has a calculator on its app and website that tells you whether you qualify for an overdraft.

But to get your hands on the £175 you'll need to switch to First Direct using the Current Account Switch Service (CASS).

You must also deposit £1,000 into the account within three months and log in to the app or online.

Once you have done all this, the bonus will be credited to your account within 28 days.

Customers switching to First Direct will also get access to a regular savings account at 7% for the first year, up to £300 per month.

There are no monthly fees for the first account.

New customers who switch to TSB's Spend & Save or Spend & Save Plus current account can receive up to £185 in free cash within a year.

Switchers will receive £125 upfront just for making the switch.

They can also receive up to €10 cashback for the first six months.

To earn monthly cashback, you must make at least 20 debit card payments.

You can request the switch on the TSB website, in the branch or via the bank's app.

In addition, you must set up at least two direct debits, use the card at least once and log into the TSB mobile app before March 15.

Once you have done this, TSB will deposit £125 into the new account between March 20 and 29.

Please note that the TSB Spend & Save card has no monthly fee, but the Spend & Save Plus account is charged £3 per month.

How to switch checking accounts

Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of major banks and building societies have signed up; there is a full list on the CASS website.

When you move, you don't have to remember to transfer direct debits, this will be done for you.

All you have to do is apply for the new account you want and the new bank will tell your existing account that you are moving.

However, there are a few things you can do before you switch, including choosing your switch date and transferring any old bank statements to your new account.

For old statements, you must contact your existing bank.

When switching to another checking account, make sure you consider the other benefits you can expect from joining a specific bank or building society.

Some banks allow more than 0% overdraft up to a certain limit, while others offer better rates on savings accounts.

In other news, The Sun spoke to 24-year-old Alex Welford about how he increased his income by £1,000 just by switching banks.