Martin Lewis reveals how to get a ‘free’ £240 before Christmas

With less than 100 days to go until Christmas, Martin Lewis has shared how people can get a “free” £240 to help with costs over the festive period.

The Money Saving Expert reveals people can “make a bit of cash” by 25 December, by switching bank accounts.

In a post on his website, the consumer champion said: “Some of the most lucrative deals of the year are on right now, and starting the switch now means you'll have the cash in plenty of time to pump up your Christmas coffers. So, unless your bank is treating you royally, why not make a bit of cash by moving?"

In order to qualify, you have to pass a credit-check and use the bank’s 7 working day switch service.

This will close your old account, moves over your balance, standing orders and direct debits.

To get the extra £240, you have to pay in a total of £1,500 within 60 days and fund the linked eight per cent regular savings account with £200 plus. If all is done correctly, the cash will be paid by 15 December.

Customers need to consider switching no later than October 7, when the offer ends, but that would leave the 90-day maximum past December 25.

It comes as the cost of Christmas for an average family in the UK is set to hit a massive £1,681 – up more than £100 on two years ago, new research suggests.

Now just under 100 days away, Christmas is often a time of extra expense for households, while wider cost of living pressures remain prevalent as inflation rose to 3.1 per cent in August.

The research, carried out by MoneySuperMarket, suggests Google searches for “how to afford Christmas” have risen by more than three times (261 per cent) year on year and that gifting presents – often the only “thought-about” expense of the season – only accounts for around 15 per cent of the total cost.

In the latest post on his website, Mr Lewis also said toy sales are now on at Argos and Asda, with more stores expected to have sales.

Other tips include spreading out savings from September, October and November income to avoid using most of your savings from December to cover the “estimated typical £700 income”.

The MSE team also advised to beware of gift cards and vouchers. They said vouchers have risks, including: “If the store goes bust, gift vouchers usually become worthless.

“Many have expiry dates, which often aren't made clear enough.”