For the millions finding themselves frequently falling into their overdraft, Money Saving Expert has shared a tip to get paid to switch to an interest-free account.

To cover Christmas spending, research from pensions and investment company Royal London found one in five (19 percent) used a credit card, seven percent of people said they’d used ‘buy now, pay later’ schemes, and one in 20 (five percent) said they used their overdraft.

A lot of overdrafts come with an interest rate that’s charged at the end of each day it’s used, which can rack up a substantial bill for those already struggling with debt.

However, there are several banks and building societies that offer interest-free options – and some even offer cash incentives to switch.

In its recent weekly email, Money Saving Expert (MSE) wrote: “Do you ever go overdrawn at least once a year?

“Go above your £25ish buffer zone and overdrafts are costly, so the holy grail is an account that combines good in-credit & overdraft offers.” (sic)

It then noted that online bank First Direct, which is “rated highly” for customer service, gives accepted switchers £175 and many get an ongoing £250 zero percent overdraft too, “meaning most dippers are never charged a penny”.

To get the £175, people need to pay £1,000 once. MSE wrote: “So it can just be your income going in (if it’s less, say £500, pay that in, then withdraw it and pay it back in again to count).”

The account is also linked to a one-year fixed regular saver paying a competitive seven percent interest rate, which allows people to invest up to £300 per month.

For those constantly overdrawn with more sizeable amounts of debt, MSE suggested opting for a Nationwide FlexDirect Account, as this deal offers eligible customers a free £200 and a one-year zero percent overdraft of up to £1,500.

MSE noted: “New switchers can get £200, which can reduce what you owe. Yet the zero percent only lasts a year, it’s 39.9 percent after, so focus on clearing the debt in that time.”

Those not accepted for a zero percent interest overdraft could look into an account with Starling and Monzo, which MSE said both have overdraft rates that are “cheaper” than other banks, and both have eligibility calculators on their website.

Those rejected for everything may have better luck speaking with their bank directly. MSE wrote: “It is required to treat you fairly, so ask if it can reduce your interest or find another way to help, e.g, a loan at a lower interest rate with set repayments.”

Several charities may also be able to support, such as National Debtline and StepChange. A full list of debt charities can be found on the Government website here.

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.