Bank customers have been urged to check if they can get a better deal with another account as you could get up to £200 in free cash if you move your money.
Several banks have switching offers where they give new customers switching to their service an amount of free money or other perks as a bonus.
Santander became the latest to launch a switching offer, with new customers getting £150 when switching to eligible current accounts.
Lloyds Bank has a similar switch offer for £200 while other providers also give away free cash to new customers, with NatWest offering £180 while Nationwide offers £175.
To secure the funds, you usually have to complete your switch using the Current Account Switch Service, and the group has urged savers to look around if they would benefit from switching.
John Dentry, product owner of the Current Account Switch Service at Pay.UK, said: “Reviewing your bank account is one thing we recommend doing to ensure you’re with a provider whose services suit your individual needs and goals.
“If you feel you need something different from your current account, it pays to consider switching.”
He listed some of the attractive features that banks provide, stating: “The right bank account is a key component of managing your finances.
“Some providers offer tools, trackers and savings settings to help with individual financial goals, while others offer varying perks such as cashback from select retailers and energy providers which can help keep budgets on track.”
Amy Knight, personal finance expert at NerdWallet UK, said there may be more of these switching offers given current trends.
She explained: “Spending announced in the Labour Budget could force the Bank of England to lower interest rates more cautiously to stay on top of inflation.
“Higher rates dampen the demand for borrowing and with fewer people shopping around for loans, we may well see banks using cash bonuses to draw in new customers, increasing deposits instead.”
However, she had a word of warning for savers as there may be fees involved with the extra services that banks offer.
She gave the example of the Monzo Perks account, with customers getting a free Greggs each week as well as a annual railcard and other discounts, but this comes with a £7 a month charge.
Ms Knight said: “For some customers, the perks will be well worth the monthly fee and could add up to genuine savings. However, it’s important to take time to digest the details to work out whether a monthly charge falls within your budget and whether you will personally get value for money.”
