Money Saving Expert Martin Lewis has an urgent warning for people who have direct debits coming out of their bank accounts.

His latest advice is to go through your finances with a fine tooth comb - or you could be overpaying by hundreds of pounds every year.

Speaking on This Morning , Martin said: "If you bank online, go online look at your direct debits and standing orders and check the things that you're paying in case they're finished or you don't want them any more.

"I'll give you an example which I think sells this very well.

"Becky got in touch with us after I suggested this previously and said 'I moved two years ago, but have just found I was paying a direct debit to my old gym - which is £330 a year.

"And one to my old local wildlife centre - £43 a year. Both are now too far away to visit,  and I cancelled a £10 a month phone insurance as my phone is now so old insurance is pointless, and it wouldn't pay it any more.'"

Martin continued: "Those are the types of things you're looking for. It is worth an annual audit of that to go and scope through, see what you find and go 'what am I doing paying for that?!'"

Earlier this year, his website, Money Saving Expert also gave people advice on how to get a free £175 in cash simply by switching bank accounts, The Manchester Evening News reports .

Martin Lewis on GMB
Martin Lewis on GMB

They said: "Banks know many use the new year to sort their finances, so right on cue, two switching biggies are back, though another hot offer is ending.

"So if your bank's a bad'un, or you just want free cash, now's a great time to show your bank the door.

"What's more, switching is easy and only takes seven working days, and the new bank moves all payments for you."

All the deals below require a credit check and you have to use their switching service to get the perks - but it's still simple.

HSBC's Advance account is offering customers £175 for switching, plus with it you can open a 2.75% fixed regular saver, where you can put up to £250/mth for a year.

All you need to do to qualify is have two or more direct debits or standing orders moved over within 30 days and pay in £1,750 a month.

Plus you can't have had an HSBC account since Jan 2017.

First Direct is also offering a £100 switch bonus for new customers, having cut it to £50 in July.

Many also get a 0% £250 overdraft, plus you can save up to £300 a month fixed for 1yr at 2.75% interest in its linked regular savings account.

There's no min monthly pay-in, but you must pay in £1k within three months (you can withdraw it the next day if you want) to get the bonus.

If you apply to M&S Bank by 11:59pm on Monday you can get £100 in M&S vouchers - without paying anything in, but you do have to move four or more active direct debits.

If you deposit £1,250 a month, keep at least four direct debits active and register for online banking and statements within 3mths, then you get another £80 gift card in the first year.

It also offers a £100 0% overdraft, rising to £250 from 14 March.

You also get access to its linked 2.75% fixed regular saver, where you can save up to £250 a month.