Halifax is the latest provider to scale back cash perks used to tempt in new current account customers.

From 1 March, customers using the Current Account Switch Service (CASS) to move their bank account to Halifax will be eligible to receive £75.

Halifax said the switching incentive will allow it “to keep its switching package competitive and attractive within the current economic climate.”

And from today, existing Halifax current account customers will see the amount credited to their account each month cut from £5 to £3. To qualify for the ‘reward’ customers must deposit a minimum of £750 a month, have two direct debits and stay in credit each month.

Russell Galley, managing director of Halifax, said: “We believe it is not only our competitive switching offer but also the high levels of service we deliver which encourages customers to make the move to Halifax.

“Since the introduction of CASS, we have been a market leader with more than 700,000 customers making the switch to Halifax. We’re telling people about the change now in order to give them a chance to make the switch before 1 March.”

Online and mobile banking customers can continue to earn up to 15% cashback with retailers through the bank’s cashback extras scheme.