Martin Lewis explains how Brits can get free £200 with easy bank switch

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    Money guru Martin Lewis has revealed how to get up to £200 for free by switching banks.

    The MoneySavingExpert founder shared the advice ahead of Christmas, as many families continue to feel the pinch.

    Banks often offer new customers exclusive deals for switching to them – including free cash, vouchers, cashback deals and exclusive savings rates.

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    In the latest MoneySavingExpert newsletter, Martin Lewis revealed that HSBC is offering an incredible £200 to switchers.

    Customers can land the free cash by switching from their current accounts to an HSBC Advance Account – but there is a catch.

    To be eligible for the £200 bonus, you'll need to pay at least £1,500 into your account within 60 days.

    You'll need to set up at least two direct debits or standing orders.

    The offer is also not available to those who have had an HSBC or First Direct current account since January 1, 2019.

    Those who qualify will receive their hefty bonus paid into their account within 20 days of making the switch.

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    There's no deadline for when the offer ends, but HSBC can withdraw the deal at any point.

    HSBC will also do a credit check against your name if you apply to switch, as reported by The Sun.

    Nationwide Flex Direct is also offering new or existing account holders a free £200 plus get 5% fixed interest on up to £1,500 and an overdraft of 0% if you haven’t had an account in the last 12 months.

    The offer is available to anyone unless you've switched a current account to Nationwide since August 18, 2021.

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    How to switch accounts:

    Switching your bank account is relatively easy. All you have to do is apply for the new account you want and the new bank will let your existing provider know you're moving.

    There are some steps you can take before switching though, such as choosing your switch date or organising transferring your old bank statements to your new account.

    To get your old statements you should get in touch with your bank.

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