Halifax is giving new customers £100 if they switch to one of its bank accounts.
The cash bribe is being offered to those who move their money to its new Ultimate Reward Current Account.
Some of the perks include AA breakdown cover, mobile, home and travel insurance - but as this is a premium account, it does come with a hefty £17 monthly fee.
This will wipe out some of your £100 switch bonus, because over 12 months, you’ll end up paying £204 to keep the service open.
Take into account the £100 cash bribe you get for joining, and this in effect reduces to £104 over the year.
Those opening the account will also get a six-month fee free overdraft and up to 15% cashback at selected retailers including the Co-op, Costa and Sky.
Halifax customers sign up to a monthly reward scheme as well, where they can pick between either two movie rentals, access to three digital magazines, one Vue cinema ticket or £5 paid directly into their account each month.
If you go for the last option, you will effectively save another £60 off the yearly cost of keeping the account open, reducing the overall sum to £44 for the first year.
To get the switch incentive, you'll need to use the “Current Account Switch Service” by August 3 - this is a free service that does the transfer for you, including moving across your direct debits and payments.
You must also meet certain eligibility requirements - this includes paying in £1,500 and staying in credit during the month, and either spending £500 on your debit card or keeping a balance of £5,000.
If you already have a Halifax Current Account or Reward Current Account, you won’t be eligible for the offer.
Martin Turner, head of personal current accounts at Halifax, said: "We’re excited to be re-introducing our £100 switching offer, this time for new customers of our Ultimate Reward Current Account.
"The account offers fantastic benefits and rewards – including insurance cover, lifestyle benefits, cashback and more."
Halifax isn't the only bank offering a switch bonus to entice new customers - and there is one bank currently stumping up slightly more for your custom.
HSBC is top of the table in terms of a cash bribe, offering £125 to new customers who sign up to its Advance and Premier Accounts.
For these accounts, you do need to pay more each month compared to Halifax, or have a high income.
The HSBC Advance Account requires a minimum payment of £1,750 per month, while for its Premier account you must have an annual income of at least £75,000 and have at least one of either a mortgage, an investment, life insurance or protection product with the bank.
