Martin Lewis shares easy way of making £200 for free

Considered by many to be the ultimate financial guru, Martin regularly shares tips and tricks for people to better 'play the system'.

As the ever-worsening cost of living crisis rages on, his tips are a welcome relief to many.

Fans who are subscribed to MSE's weekly newsletter receive the best, up-to-date advice from Martin and the other MSE contributors.

New. You can now get over £200 to switch bank - and there are four banks paying you to switch. So unless you're current bank tickles your back in delight, why not grab the cash. Full rundown here... https://t.co/KQMjadUlxC

— Martin Lewis (@MartinSLewis) June 7, 2023

On Tuesday, the email shared how people can claim free cash, and it's a straightforward and simple process.

Writing on MSE, Martin explained that by simply switching your bank account to another provider, you could be quids in.

High street banks often offer cash incentives to tempt new customers to join them, and a number of banking giants are now offering large "banking bribes".

For example, First Direct is offering switchers to its 1st Account a free £175, as well as a £30 Amazon voucher and a 7% interest saving account.

There's also a £250 interest-free overdraft, but there are some rules.

Banking customers will need to open the account by June 19, having switched from an account with a different bank.

You'll also need to pay in £1000 or more within three months and then the £175 will land in 28 days.

Really interesting to see a few negative responses (by far the minority). This is what I set MSE up to do in the first place... show people how to play the system. Of course it needs to be done carefully, hence all the safety warnings both about how to do it and who should do…

— Martin Lewis (@MartinSLewis) June 7, 2023

An email with instructions on how to claim the £30 voucher will arrive within 90 days of opening the account.

You can't have ever had any account with First Direct, or opened a current account with sister bank HSBC since January 2020.

Switchers to NatWest's Reward account will get £200 cash as well as up to £36 a year in cashback.

You need to switch from an account with a different bank, pay in £1,250 or more, and use the app within 60 days.

Within a week the £200 should land in your account.

But you won't be eligible if you've had switch cash from NatWest, RBS or Ulster since October 2017.