TV money guru Martin Lewis has revealed how you can snag a ‘free’ £125 - but time is running out.

The MoneySavingExpert.com founder, who puts his name to a weekly money saving newsletter, has offered Brits advice on how to claim the extra cash.

If you’re worried about things being a little tight this festive season, the ITV presenter may have a tip that will come in handy.

According to research, generous Brits spend an average of £437 on presents for their family and friends.

But after the year we have had it’s likely that many households will be cash-strapped and feeling the unfortunate pinch of lockdown.

Martin Lewis warns that time is running out to claim the cash

If that is the case then finance expert Martin has revealed that you can claim a whopping £125 by switching your bank account.

But time is running out to do so, Birmingham Live reports.

Lewis said this week: “Four [banks] are currently paying, though only two pay out quickly enough for it to come before Christmas, and one of those is ending soon,"

"To get the cash, you'll need to use the banks' official switching services.

Universal Credit
Cash-strapped Brits will be boosted by the news

“The switch itself will be done within 7 working days, and all direct debits and standing orders will be moved for you, the old account closed and any payments to it auto-forwarded."

Mr Lewis says HSBC and Lloyds customers can get up to £125 for switching, with Lloyds offering £100.

But the banking giant needs you to switch by November 9.

The top payers at the moment are:

  • £125 - NatWest Reward - Min pay-in £1,250 a month
  • £125 - HSBC Advance - Min pay-in £1,750 a month
  • £100 - Club Lloyds - Min pay-in £1,500 a month

Mr Lewis also has hit own ITV1 show The Martin Lewis Money Show which is available to view via the ITV Hub and ITV Player on demand currently.