Martin Lewis has sounded the alarm as savers have just days to claim £175 in free cash.

First direct currently has a £175 switching offer to savers joining the bank using the Current Account Switching Service.

Mr Lewis told listeners to his BBC podcast: “A few weeks ago, there were five banks willing to pay for your custom, now just one is left.

“It’s a good one. It’s top customer service bank first direct, which pays new switchers £175, gives many people a £250 interest-free overdraft and you get access to its linked seven percent savings account.

“Do check the full eligibility criteria.” The bank switching offer is ending on Monday, April 22.

To claim the £175, you will need to complete a full switch through the service, including at least two direct debits or standing orders.

Customers also need to deposit £1,000 into the account and log on to the digital banking platform.

The full details about the switching offer are available here.

Opening a current account with first direct provides access to the Regular Saver, which currently pays seven percent interest.

Those with a Regular Saver have to deposit between £25 and £300 a month over a 12-month term.

This means if you save the full £300 each month for the 12 months, you will earn £136.50 in interest.

Savers may also want to note that they have more flexibility about how they arrange their funds in ISAs as of this month.

From the start of this tax year, a person can now save into more than one of each type of ISA over a financial year.

The ISA allowance for how much you can deposit in total into ISA savings remains the same, at £20,000 a year.

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