Martin Lewis recommends four banks which offer up to £200 for switching

Martin Lewis and his MoneySavingExpert (MSE) team have provided a list of banks providing special cash offers for those who switch accounts.

While many banking customers stick with the same bank for their whole lives, they could miss out on potential rewards and special savings rates. In his recent newsletter, Martin said there are four major banks that are now offering cash bonuses for signing up, with some offering up to £200.

Customers can make use of services such as the Current Account Switch Service (CASS) which makes it easier and quicker to switch accounts. CASS pledges to completely switch an account within seven working days and sorts out things such as incoming and outgoing payments, transferring balances, and closing old accounts, Wales Online reports.

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Martin and his team highlighted Nationwide, First Direct, Lloyds Banks, and Barclays for offering cash rewards. However, you may need to meet certain criteria to get the cash bonus.

New customers can switch to Nationwide's FlexDirect account and get a £200 bonus without needing to meet a minimum pay-in threshold. MSE reports: "A regular savings account paying 8% interest on up to £200/month, a year's 0% overdraft on up to £1,500 (credit-check dependent) and, if you pay in £1,000+/month, the current account pays 5% interest on up to £1,500 for a year."

First Direct is offering switchers £175 without a minimum pay-in threshold. Customers will also get: "First Direct's 1st Account... linked regular saver which pays 7% interest on up to £300/month, and many get an ongoing £250