If you're keen to give your festive finances a lift, consider switching to First Direct's 1 Account(Image: Getty Images/Science Photo Library RF)

Nationwide, Santander, Barclays and NatWest customers among many that can grab £175 before Christmas

The Money Saving Expert has shared a handy tip to bag an extra £175 ahead of the festive period, as banks have currently turned off their switching bribes

by · PlymouthLive

Martin Lewis, the financial guru and founder of Money Saving Expert, has revealed a clever tip to bag an extra £175 ahead of Christmas. If you're keen to give your festive finances a lift, consider switching to First Direct's 1 Account, he advises.

In a recent MSE newsletter, the money maestro announced: "Grab a FREE £175 in time for Christmas. All banks, bar one, have turned off their switching bribes. I hope some will return, but there's no guarantee."

Unfortunately, HSBC UK customers since 2018 are ineligible for this deal. But it's still positive news for clients of Nationwide, Santander, Barclays, NatWest, TSB, and Lloyds, Martin notes.

According to The Mirror, the newsletter continued: "Luckily, the one currently available is often a top pick, so it's worth considering." Delving deeper, he added: "First Direct FREE £175, top service, 0% overdraft, 7% linked saver. First Direct pays newbies who use its switching service £175, so do it now and you can get the cash by 20 Nov, plenty of time for it to go towards your Christmas coffers."

Its guidance also mentioned that First Direct has always been praised for its top-notch service, while adding: "...it also offers a linked 7 per cent regular savings account you can put up to £300 per month in, an ongoing £250 interest-free overdraft for many, and its debit card gives perfect rates abroad."

First Direct has outlined specific requirements for new clients on its website, as reported by Birmingham Live, stating: "Within 45 days of your account opening you need to: switch to us using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking. New customers only, who haven't previously held a first direct product."