Lloyds Bank wants to give people £200 payments

Major UK banks are offering customers up to £200 in cash to switch their current account - and in some cases, the value of the deal goes beyond the headline figure.

The offers are part of a fierce push by lenders to attract new customers. Consumers can claim the bonuses by moving their account using the Current Account Switch Service (CASS), a free system that transfers everything - direct debits, standing orders, and saved payees - from the old account to the new one. Most switches are completed within a week or two.

To qualify for the rewards, banks often require customers to meet certain conditions. This can include having a minimum number of direct debits set up, depositing a set amount, or not having received a previous bonus from the same bank in recent years.

Beyond these requirements, switching can provide better savings rates, improved customer service, or access to a local branch.

Lloyds Bank currently offers the largest cash incentive, £200, plus additional perks through its Club Lloyds accounts, including subscriptions to Disney Plus or cinema tickets.

NatWest offers £175, with the potential to earn an additional £36 in rewards over the year if customers deposit at least £1,250 and log into the bank's app.

Elsewhere, Danske Bank offers £180 to residents of Northern Ireland who switch their account using CASS. Nationwide Building Society pays £175, with some accounts also paying interest on balances, while Co-op Bank and First Direct each offer £175.

Many accounts also include access to high-interest savings products, but customers should be aware of the conditions attached.

Most banks require that a certain sum be deposited, direct debits transferred, or debit card payments made to qualify for the bonus.

Experts advise customers to check the full terms and conditions before switching, to ensure the account suits their needs and not just chase the free cash. Previous bonus recipients are typically not eligible.