Martin Lewis reveals how you could get £150 free cash

MARTIN Lewis and his MoneySavingExpert team have revealed how you can get your hands on £150 free cash.

In the money mogul’s latest newsletter, the team revealed that banks are offering up cash to customers who make a simple switch.

As many as simply for your custom.

It means that switching your current account can be a quick an easy way to make some cash.

But you need to check the terms and conditions before making the switch to make sure you get the money.

First Direct gives new customers £150 for using its banking services, for example.

But to qualify, you can’t have ever had any First Direct account or opened a current account with its sister bank HSBC since January 2019.

And there are a couple of other steps you have to follow to cash-in too.

Once you’ve opened an account with the bank, you’ll need to switch from another current account that’s not First Direct or HSBC, and pay in at least £1,000 – and you’ve only got three months to do it.

Elsewhere, if you switch your current account to the Royal Bank of Scotland Reward account, you could also get a free £150.

The clock is ticking down on this cash reward, and you have to open the account and switch online or via the app by 5pm tomorrow.

You’ll then need to pay in at least £1,250, and use mobile banking, to cash-in – although you’ve got until May 26 to do this part of it.

If you meet the criteria, you can expect to see the £150 reward by June 24.

Newbies who switch to the HSBC Advance account via a specific link that the MoneySavingExpert team has shared can get even more.

You can get £175 if you open an account and start a switch within 30 days, as well as paying in £1,500.

There’s also £125 on offer from both Halifax and Nationwide if you follow similar switching steps.

Switching bank accounts is very easy – you just need to open your new account and let the new bank know you want to move across.

It then does all the hard work for you and the switch should be complete within about a week.

But while each of the free incentives may be tempting, you should be sure to check all the eligibility criteria before signing up.

There might be other requirements for claiming the freebie, which could leave you out of pocket or with a product that you don’t need.

You also need to check that it provides the services you need before switching – like having a branch near you, or top customer service.

Sometimes switching offers aren’t limited to cash rewards either – one high street bank is giving new customers 100 Greggs sausage rolls if they open an account, for example.

It’s easy to compare all these different options though – and having a shop around is recommended.

You can use MoneySavingExpert’s , or another comparison website such as 

One savvy switcher has even taken up the practice as a serial act – but they’ve managed to make £400 in just a year from switching several times.

 A budgeting expert has shared just how many bank accounts you should really have, in the meantime..