Martin Lewis says Santander, Lloyds, Nationwide and NatWest customers can get free £200

Martin Lewis has encouraged consumers to make a switch to one of five major UK banks to grab an "easy" £200 in time for Christmas. The financial guru pointed out that Santander, Lloyds, Nationwide, and NatWest are offering free cash incentives for those willing to switch accounts.

Speaking on his ITV personal finance show, Martin advised: "If you love your bank... then stick with it. I wouldn't tell you to leave. If not, then so many banks are willing to pay you." He also mentioned: "It's a good way to make free cash and get it in time for Christmas."

He went onto explain the potential impact of switching on credit ratings: "If you do one switch, well, it's an application on your credit file which has a very minor, short term negative effect. Lots of those in a short space of time can be an impact. Banks also like to see evidence of longevity, so that's also slightly negative. So I wouldn't switch my bank account if I had a mortgage application during the next two months."

But for those without immediate credit needs, he suggested it might not be much of a concern: "Longer than that, I wouldn't care that much. It's only very minor. It doesn't really have a hit. Switching very regularly to make money can have a bigger impact. Do you have a use for your credit working? Do you have a debt application you want to make, or a mortgage application you want to make? No, well, in which case it'll have an effect, but why'd you care? ", reports Birmingham Live.

Lloyds Bank is offering a £200 incentive for those who switch to a Club Lloyds account by December 10. Similarly, NatWest is providing a £180 reward for customers who move to its NatWest Reward account, provided they deposit £1,250 into their new account and log into the mobile app within 60 days of switching.

The £180 will be credited within seven days of completing these steps. First Direct is also offering a £175 bonus for switching to their 1st Account.

Nationwide is promising a £175 reward for those who transfer their current account to its FlexDirect account, with certain conditions such as transferring at least two active direct debits, depositing a minimum of £1,000, and making one debit card payment within 31 days. Santander is offering £150, but it's worth noting that this won't arrive before Christmas.

To qualify, you need to switch two direct debits and deposit at least £1,500. If you opt for the Santander Edge account, there is a £3 monthly fee, but you can earn up to £20 a month in cashback.