Martin Lewis shares three ways to get up to £200 for free - with one simple switch

Martin Lewis has explained how Brits can get a free £200 to help them cover their energy bills this winter.

The MoneySavingExpert founder said in his latest newsletter that the UK is in a “sweet spot” with banking deals - and new switchers can get up to £200, the best on offer since 2017.

Writing on MSE, the money guru explained that by simply switching your bank account to another provider, you could earn hundreds.

According to the latest Twitter poll released by Mr Lewis on switching, 81% of people said changing banks is mostly easy and hassle-free.

A number of high street banks often offer cash incentives to encourage new customers to join them. Martin is recommending three of the larger deals for those needing extra support this winter.

Martin says the UK is in a “sweet spot” with banking deals (ITV)

HSBC

If you switch to HSBC's advance account, you'll receive a £200 bonus, plus a 5% savings account and a 3% easy-access account.

To get the bonus, customers will need to deposit a minimum of £1,500 once within the first 60 days - but the account requires no regular pay-in.

You'll also need to open the account and then start the switch within 30 days, including two or more direct debits or standing orders.

The £200 is then paid within 20 days.

To qualify, you can't have had a HSBC current account, or opened one with its sister bank FirstDirect since January 2019.

First Direct

First Direct newbies who switch to its 1st Account will get a free £175 and a regular saver account with a significant 7% interest.

You'll need to make the switch within three months, and pay in a minimum of £1,000.

Then, the £175 is then paid within 28 days.

But customers can't have ever had any account with First Direct, or have opened a current account with HSBC since January 2019.

In Martin's poll, 81% of people said changing banks is mostly easy and hassle-free (Ken McKay/ITV/REX/Shutterstock)

Halifax

If you switch to a Halifax Reward account, you'll get £175 plus a few extra perks, including: a monthly reward of either £5 cash, a Vue cinema ticket, two movie rentals, or three digital magazines.

But to qualify, customers must pay in £1,500 or more every month - and spend £500 each month, or keep £5,000 in the account.

If you don't do this, you may incur a £3 monthly fee.

Customers will need to open a new account and switch by December 19, and the bonus will be paid within three days of the account opening.