Martin Lewis warns all Nationwide customers they could be missing out on £200 free cash

Martin Lewis is back with some important advice, this time to try and help you get your hands on some free cash. No, really.

Lewis and his Money Saving Expert (MSE) team are known for a lot of things when it comes to saving cash. Central to that? The holy grail. The MSE weekly newsletter.

Summing up all the most important bits from the last week, usually accompanied by a few new bits as a bit of a bonus to the nine million plus subscribers signed up.

Recent advice from Lewis and his team has focused on how you can, in their words, save more than £1,000 a year on a particular 'forgotten' bill.

There was also a Tesco Clubcard warning and an explanation on why you should never use your usual bank cards overseas.

Martin Lewis on GMB this week (ITV)

And if you do end up paying with a card overseas, Lewis is still here with an explanation on what to do if you're asked if you want to pay in pounds or the local currency.

This week, he and the MSE team have been back and focusing on the topic of getting free cash. You just love to see it.

The latest MSE newsletter states that banks are more than 'willing to (legally) bribe you' when it comes to getting you to sign up with them.

It's all about changing who you do your banking with, with one massive offer available for existing Nationwide customers. Carrying out one simple switch could get you as much as £200.

Free cash for existing Nationwide customers. Happy days. (Newscast / Universal Images Group via Getty Images)

The MSE team say that if you were the owner of a Nationwide current account (a standard banking account), savings account or mortgage as of 31 March this year, you can land a cool £200n by switching a non-Nationwide account into a new or existing FlexDirect, FlexPlus or FlexAccount.

You can't get the bonus if you've done similar since 18 August, 2021. But if you've never done it or did it before then, happy days.

Another stipulation is that you need to switch at least two active direct debits to your Nationwide accounts alongside this.

Worried about the hit to your credit score? Don't be.

Martin Lewis on GMB (ITV)

MSE says: "One extra search on your credit file shouldn’t make much difference (though many in a short time can).

"Some lenders do score you down for switching bank accounts as they like evidence of longevity, but this shouldn’t be an issue for most."

Credit scores are usually hit more by late or missed payments, how much debt you owe, and the longevity of your credit score.