Competition to attract current account customers is being ramped up as Halifax is reintroducing its £100 switching offer.
The cash incentive will be offered from Wednesday, July 7.
To qualify for the money, customers must open a new Ultimate Reward Current Account using the current account switch service, from a bank account held with another provider.
Switchers will need to bear in mind that the Ultimate Reward account carries a £17 monthly fee, so they will need to work out whether the benefits are worth it for them.
It is a “packaged” account offering a bundle of perks, including AA breakdown cover, mobile phone and travel insurance, and 15% cashback at some retailers.
Those opening a new Ultimate Reward account could also have a six-month fee-free overdraft, Halifax said.
Account holders also have the chance to qualify for a monthly “lifestyle benefit” or £5 payment, if they opt into Halifax Reward Extras.
To get that, they must pay in £1,500 and stay in credit during the month and either spend £500 on their debt card or maintain a balance of £5,000.
Martin Turner, head of personal current accounts at Halifax, said: “We’re excited to be reintroducing our £100 switching offer, this time for new customers of our Ultimate Reward Current Account.”
He added: “The current account switching service makes it really easy to join us, transferring direct debits, standing orders and salary commitments, to your new account within seven days.”
HSBC UK also recently launched an offer of £100 cashback for people opening an investment account.
This is in addition to HSBC UK’s existing cash offer of £125 to new customers when they switch to an Advance or Premier bank account using the current account switch service.