From today until April 5^th this year, new account holders will receive the payment in return for moving their current account to Halifax using the firm’s switching service; the sum will be deposited within three days of a successful transfer.

The new inducement follows First Direct lowering their introductory sweetener fee to £100 (from £125), and leaves Halifax’s offer as the best introductory incentive on the current account market.

Halifax offers three current accounts (Current, Reward and Ultimate Reward) to customers, and applicants for any of the three will qualify for the incentive. Reward account holders could be eligible for further incentives, as the account grants certain customers a £5 reward.

Customers are deemed eligible for the reward for every month that over £750 is deposited, two separate direct debits are paid, and the account stays in credit. This means that Reward customers could earn up to £185 in their first year with Halifax.

“Since its introduction, our £100 switching offer has remained extremely popular with customers,” Anthony Warrington, spokesperson for Halifax said. “We are delighted that from today we are increasing this reward for customers to £125 for a limited period.”

“Halifax has proven to be the number one choice for one in every four switches across the industry, and with this new offer it means it has never been so easy and rewarding to make that move.”