Martin Lewis says switch to these two banks for free payment worth ...

Martin Lewis says bank account customers should ditch their banks for TWO high street favourites - and pocket a free £175 or £150. Mr Lewis, the BBC Sounds star, has explained how two high street banks have brought back cash incentives to switch.

Nationwide has launched a new bank switch offer in a bid to woo customers to its Flex current account range. The building society is offering £175 to new customers who sign up to one of three current accounts: FlexPlus, FlexDirect and FlexAccount. These come with a regular savings account that offers an above-inflation rate.

Mr Lewis explained: “Nationwide is offering a host of perks to newbies switching to its FlexDirect account. On top of the £175 free cash, there's five per cent AER interest on current account balances up to £1,500 for a year (maxed out that's £75) and one per cent cashback for 12 months up to £5 per month.

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“You can also get the free £175 by switching into Nationwide's £13 a month FlexPlus packaged account or its bog-standard FlexAccount – though the five percent interest and one percent cashback aren't available with these accounts.”

And The Co-operative Bank has announced a new bank account switch deal, which could be worth up to £150. Its new ‘Switch and and Stay’ offer is available to both new and existing customers who fully move their everyday banking to a Standard Current Account or its highly-rated Everyday Extra packaged account.

To get the full £150, they have to keep their day-to-day banking with the provider for at least three months. Mr Lewis said: “You can get up to £150 with the Co-op Bank if you switch and stay for three months – an initial £75 switch bonus, plus £25 a month for three months.

"Though you'll need to jump some hoops to get it all.” You will qualify for the cash if you haven’t had switch cash from Co-op Bank since November 1, 2022. Money Saving Expert added: “You can fail to qualify for any of the three months' bonuses, but still qualify for any of the others. So if you didn't qualify in month one, you can still qualify in months two and three.”