Money Saving Expert Martin Lewis has explained how every single banking customer in the UK could get a £125 payment this month.
The finance guru, who has his own ITV show and regularly appears on Good Morning Britain and This Morning, says that February is often a good month to change banks as some offer good financial perks.
According to the Mirror, HSBC this week launched a new £125 cash perk - available to all new customers in the UK.
It comes in addition to Virgin Money's free £180 wine crate - when you switch and deposit £1,000 into a savings account.
Consumer expert Martin Lewis said the incentives are up for grabs for customers who sign up through the Current Account Switch Service.
"January is usually the month where banks pump out (legal) free cash bribes to get you to switch," he wrote in his latest MoneySavingExpert email.
"Yet this year the cupboard was bare, as the only major switching freebie was Virgin Money's wine. Finally, in the 2nd week of February, there's a deal where you're paid to switch. To get any of the freebies, you need to use the banks' official switching services.
"The switch takes 7 working days, all direct debits and standing orders will be moved for you, your old account will be closed and any payments to it auto-forwarded. You also need to pass a credit check, but it's usually not too harsh."
