Martin Lewis reveals the best banks you can switch to for up to £375 FREE cash before Christmas

Martin Lewis has revealed the best bank switching deals Brits can make the most of in the run-up to Christmas.

Transferring your bank account usually takes seven business days and can be an easy way to get your hands on free cash and goodies.

The money-saving expert went through his four picks of banks to switch to in order to reap the best rewards during his Money Show Live yesterday.

He first mentioned a deal with Lloyds, which gave him 12 months of Disney+, six cinema tickets or a year’s subscription to a magazine, but this ended at midnight last night.

Banks that still have ongoing deals recommended by Lewis include Nationwide, First Direct and Barclays – read on to find out what’s available.

He explained that Nationwide offers the highest amount of £200 free cash on the market, and the switch includes an 8 per cent linked savings account into which you can deposit up to £200 a month.

Lewis continued: “You may get zero percent overdraft for a year, but it’s only a year and after that it’s 40 percent.

‘Good customer service, you will get this on December 4th and there is no minimum amount you have to pay.

‘So basically, as long as you swap two active direct debits, you should be eligible as long as you pass the credit checks.’

He then switched to First Direct, which allows you to earn £175 for free when you switch to them.

They also offer a seven per cent linked savings account where you can deposit up to £300 a month, and a top debit card for spending abroad.

All you have to do is pay £1,000 and you’ll receive the money before December 22nd.

If you can hold out until after Christmas, Barclays is offering £175 free cash if you switch, but you won’t get it until January 5.

Lewis explained that Nationwide is offering £200, the most free money on the market, and that the switch includes an 8 per cent linked savings account into which you can deposit up to £200 every month.

There are also requirements that you must deposit £800 per month into the account, join a blue rewards programme, participate in digital banking and have two active direct debits.

It’s important to note that if you’re eligible, you can only get the £375 for both bonuses from Nationwide and First Direct, and everything will be sent to you on time, once you’ve checked the details.

The advice comes just after the money-saving expert advised that premium bonds are worth investing in – but only for ‘some people’.

Ahead of his live show in Manchester tonight, the 51-year-old money-saving expert appeared on ITV’s This Morning to answer viewers’ financial questions.

One caller, Rebecca, called the program to ask if premium bonds are worth investing in to maximize her savings.

“The pricing rate for premium bonds is 4.65 percent, which is less than that of the best savings accounts,” he said.

“But if you’re typically lucky, which is based on the median average, you’ll make less than 4.65 percent.”

‘If you look at it that way, for every person who wins a million pounds, a lot of people don’t have to win anything.

“That’s why with normal luck you get less than 4.65 percent on average, so who are premium bonds good for?”

Answering his own question, Martin explained: ‘So as a general rule of thumb, if you are a higher or top rate taxpayer and you have enough savings to pay interest on it, and you are considering putting aside a larger amount of £ £30,000-£50,000, that could be a pretty good bet.”