Cash-saving guru Martin Lewis has revealed a handy tip to UK bank customers, explaining how they can all receive £125 from their bank.

The Money Saving Expert founder shares a weekly newsletter with fans highlighting useful tips and tricks to save money.

In this week’s newsletter, Martin shared information about bank account switch awards.

The host of ITV’s The Martin Lewis Money Show revealed a number of banks are offering cash incentives to switch current accounts this month.

The consumer champion who regularly appears on TV and radio to discuss the nation’s financial concerns revealed HSBC is his pick of the bunch saying the bank has recently launched a new £125 cash incentive for switching current accounts.

And even better, it is available to all new customers in the UK.

Mr Lewis explained in greater detail in this week’s email.

He said: January is usually the month where banks pump out (legal) free cash bribes to get you to switch."

"Yet this year the cupboard was bare, as the only major switching freebie was Virgin Money's wine.

"Finally, in the 2nd week of February, there's a deal where you're paid to switch.

"To get any of the freebies, you need to use the banks' official switching services."

He added: "The switch takes 7 working days, all direct debits and standing orders will be moved for you, your old account will be closed and any payments to it auto-forwarded.

"You also need to pass a credit check, but it's usually not too harsh."

To find out more you can visit the Money Saving Expert website.