First Direct - the sister bank of HSBC - is offering £175 to all new customers who switch their current account.
The cash will be sent within 28 days - but only if you meet all the eligibility criteria.
The cash bonus is available to all new customers who switch their current account to the First Direct 1st Account through the Current Account Switch Service (CASS).
You must also pay in at least £1,000 within three months of opening the account to get the cash.
The cash bribe is only available to people who haven’t previously held an account with First Direct.
Customers may hold a HSBC current account and still qualify for the offer, as long as the current account was opened before January 1, 2019.
Chris Pitt, CEO of First Direct, said: “This new switching offer of £175 is market leading and an increase on our previous offer of £150.
“On top of the switching bonus, we are increasing our savings rates across a range of accounts in order to offer people better value on their savings.
“Our regular saver already offers a rate of 3.50% and will allow customers to add to their savings regularly while earning a competitive interest rate.”
The First Direct 1st Account offers 0% EAR variable on arranged overdrafts up to £250 - above this amount, the rate is 39.9% EAR variable.
Unarranged overdrafts are charged at 39.9% EAR variable, up to a maximum of £20 per month.
Bank bribes - what are other lenders offering?
Santander - £160:
New and existing customers who switch to a Santander 123, 123 Lite, Everyday, Select or Private account can get £160 cashback.
To qualify for this bank bribe, you need to complete the switch using the Current Account Switch Service.
You must also set up and maintain two active direct debits, deposit at least £1,000 and log in to online or mobile banking within 30 days.
Customers with a 123, 123 Lite, Select or Private account get 3% back on water, 2% on energy and 1% on Santander mortgages, council tax, mobile, home phone, broadband and paid-for TV.
Cashback is capped at £5 per month in each tier.
You do have to pay £2 each month to keep your account open and there is a minimum monthly pay-in of £500.
Arranged overdrafts are charged at 39.94% EAR variable, while unarranged overdrafts are 0% EAR variable.
Existing customers - who are switching another account to Santander - can complete the transfer in branch, while new customers can choose to switch either in branch or online.
Halifax - £150:
New and existing customers who switch to the Halifax Reward Current Account can also get a free £150.
You’ll need to switch your account held elsewhere into a new or existing Reward Current Account using the Current Account Switch Service.
As well as this, you must move over at least two active direct debits.
You’ll get £150 paid into your account within 10 working days of the switch starting.
You do have to pay in £1,500 with this account to avoid a £3 monthly fee to keep the Halifax Reward Account.
If you do this and stay in credit - then either spend £500 every month, or keep at least £5,000 in the account - you’ll also get access to other rewards.
This includes £5 cash, a Vue cinema ticket, two Rakuten TV movie rentals, or three digital magazines for one year.
You won’t qualify for the £150 switch cash if you’ve had cashback from Halifax since April 2020.
The Reward Current Account comes with an arranged overdraft that charges 39.9% EAR variable, or six months at 0% if you switch.
Unarranged overdrafts are charged at 0% EAR variable.
Nationwide - £125:
If you’ve already got a FlexPlus, FlexDirect or FlexAccount account, and you switch to it from another bank, you could earn £125 through Nationwide.
New customers who are opening one of these accounts for the first time can get £100.
You’ll need to move over two Direct Debits to get the switch cash.
If you move to the FlexDirect account, you’ll get 5% fixed interest on up to £1,500 and many get a 0% overdraft for 12 months.
Those who've had this account before will get just 0.25% in-credit interest and no 0% overdraft.
There is no monthly fee, although you need to pay in £1,000 every month to get the interest.
For new customers, arranged overdrafts after the first year are set at 39.9% EAR variable.
