High street lender Halifax is bringing back its £100 switching incentive for the first time since the pandemic started in March.
It comes after figures this week found the bank lost more than 92,000 customers between January 2019 and June 2020.
The lender said anyone who joins its Halifax Reward Account will receive the money directly into their bank accounts within seven days.
You can get the bonus if you've been a Halifax customer before - though to be eligible you'll need to be opening a new account, and you can't have received a Halifax switching incentive since April 2018.
The Halifax Reward Account was created to reward customers who hold their main bank account with Halifax.
As well as the £100 offer, customers can choose to stream two movies a month throughout the year, worth up to £120, claim one free Vue cinema ticket a month, a £5 monthly reward or a choice of a free magazine subscription.
On top of this, customers will get access to Cashback Extras, offering 15% cashback with selected retailers.
Martin Turner, at Halifax, said: "It’s never been a better time to open a new account with Halifax.
"Both our new Reward and Ultimate Reward accounts come with the opportunity to earn a fantastic lifestyle benefit and now new applicants will also receive £100 when they switch to us when using the industry switching service.
"The switching process takes just seven days and customers will receive their £100 before the switch is complete."
To get the perk, you will have to switch via the Current Account Switching Service, which takes around seven days and includes all direct debits, standing orders and salary and pension credits.
The Halifax Reward Current Account is available to new and existing customers, for sole or joint accounts and is free for anyone who pays £1500 into the account each month. If these criteria are not met, the account carries a £3 monthly free.
The ultimate reward account comes with a £17 a month fee, but also includes travel insurance, mobile phone insurance and car breakdown cover.
How do switching rewards work?
Various banks and building societies are offering cash rewards to win over your custom - and if the offer is right, they can be a win, win.
To get the perk, you'll have to switch using the free Current Account Switch Service (CASS). In most cases you'll also be asked to transfer over a minimum of two direct debits and have a minimum monthly income of at least £500.
If you join but don't meet the criteria, it's unlikely the bank will pay out.
Which is why it's important to...
Do your homework before you join
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Switching for money is great - but before you do so, always read the small print to make sure it's the right move for you.
That's because if you don't meet the eligibility criteria, you may not get the reward. Likewise, if there's a hidden monthly fee that you're not aware of, it may hit you further down the line.
Check what the bank is offering on top of the cash perk - ie travel insurance- ask about overdraft fees, any monthly fees, and check that you meet the minimum requirements.
"Switching incentives are a great enticement for consumers looking to move their current account, but this shouldn't be the sole reason for switching," explains Moneyfacts expert, Rachel Springall.
"Customers need to make sure that they weigh up all the elements of a current account before they move, which includes any fees or additional benefits.
"There isn’t much point switching to an account offering free cash if someone expects to use the overdraft on a frequent basis. Not only that, but opening an account which hosts tonnes of benefits and costs in a fee each month is a bit pointless if the customer doesn’t make use of them."
