Lloyds, NatWest and First Direct will pay you £575 for switching bank accounts

High street banks Lloyds, Natwest and First Direct are currently offering a share of hundreds of pounds to their customers as part of lucrative bank switching bonuses. Individual customers could potentially claim most of this sum by switching multiple times to take advantage of several bonuses.

At present, these four banks are offering up to £200 each to entice customers to leave their existing account and switch to them. According to a survey conducted by Martin Lewis, many bank customers have not changed their bank in over 20 years, hence the need for such attractive switching bonuses.

The process of bank switching is straightforward and quick - once initiated, the bank switching service will handle everything within seven days, including the transfer of all direct debits. Currently, Lloyds Bank is offering £200 to switch, along with other benefits such as 12 months of Disney Plus and access to a linked regular saver paying 6.25 percent interest fixed for a year.

However, you cannot switch from a Halifax, Bank of Scotland or Lloyds account. Similarly, Natwest is offering £200, plus £3 a month cashback and a 6.17 percent interest linked regular saver, but you cannot switch from RBS or Natwest.

First Direct is enticing new customers with a £175 offer, along with a linked 7% regular saver, no charges for overseas spending and a £250 0 percent overdraft. However, this offer is not available to those looking to switch from HSBC, reports the Express.

It's worth noting that the switch does require a credit check, which shouldn't have a major impact but it's worth considering waiting if you're about to swap your mortgage or remortgage, to avoid the risk of disruption. Interestingly, it's perfectly legal to make multiple switches to claim more than one bonus.

Some people even have what's known as a 'mule' account which they just switch constantly in order to grab switching bonuses.