Customers can pick one of four banks to switch to get up to £175

Several high street banks are currently offering up to £175 in free cash simply for opening a new account.

Additional benefits can be obtained through the Current Account Switch Service, which allows customers to easily switch their accounts while maintaining all their direct debits and standing orders on the new account.

At present, four high street banks are providing free cash and other incentives to individuals who utilise the service.

Read more: £80 payment, HMRC letter and full benefit rate change... the DWP and money changes coming in June

First Direct is offering £175 with its 1st Account that provides access to a connected regular saver. This saving account itself provides 7 per cent interest on £300 a month maximum alongside a 0 per cent overdraft of £250 for some. In order to qualify for this switch, customers must have never had any kind of account with First Direct or have a current account with HSBC since January 2018.

In order to claim the £175 in cash, customers must open the account through the online app and switch in an account from a different bank, including two or more direct debit or standing orders. Once this has been completed, you need to pay in at least £1,000 within 30 days of opening the account then- use the debit card at least five times.

Following this, you need to long into the online banking. After all of this has been completed, you will receive the £175 by the 20th of the following month.

Nationwide is offering £200 to customers but there is a catch. In order to qualify, you must already have a Nationwide current account, savings account, or mortgage by March 31, 2024. If you meet these terms, and haven't already received a bonus from Nationwide, you can switch a non-nationwide