The deal runs from today (3 October) to 3 December and applies to all NatWest current accounts.

Those switching to a NatWest Reward current account, which has a £2 monthly fee, will also benefit from 2% cashback on their household bills with the average customer receiving £83 each year.

The bank launched a similar switching deal in May, where it offered customers £100, but it was pulled the following month.

To qualify for the £125 cashback offer, customers must deposit at least £1,500 into their account a month. They must be 18 or over and not have taken advantage of a cash offer from NatWest after October 2017.

Switchers must use the Current Account Switch Service, close their existing account with their current provider and transfer their main current account to NatWest.

What other switching offers are out there?

Halifax will give you £75 if you use the Current Account Switch Service and close your old account held elsewhere. For the Reward account, you need to pay in £750 a month and set up two direct debits.

HSBC is offering £75 cashback as long as you pay in £500 a month or £150 cashback (plus another £50 after 12 months) if you open an Advance Bank Account and pay in £1,750 per month.

M&S Bank is giving customers a £125 M&S gift card when they switch and up to an additional £60 when you stay for 12 months.

First Direct offers switchers a choice from a range of gifts including £150 of Expedia vouchers or Bose On Ear Wireless Headphones worth around £170. You have to deposit £1,000 within three months of opening the account.