Until Monday 18 July, customers who use the Current Account Switching Service (CASS) to open a new account while closing their old one will net £125 within three working days of completion.

This is on top of the £5 monthly reward payments Halifax pays, so over the course of the year, customers can bag a total of £185.

In order to be eligible for the Halifax current account offer and rewards, you need to pay in at least £750 per month, plus have two direct debits and you’ll need to stay in credit each month too.

Customers can earn more money via its ‘Cashback Extras’ when shopping at a number of retailers and it’s also offering £750 to those who switch their mortgage.

The upped Halifax incentive – last seen earlier this year – comes just a week after HSBC launched its £200 switch incentive but with a catch – the first £150 is paid up front while the remaining £50 is paid into your account after 12 months.

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Darren Tong, head of Halifax current accounts, said: “While some banks are charging customers monthly current account fees, or making them wait months to get a switching reward, most eligible Halifax customers get the £125 bonus before the switch completes. In addition, they can get £5 a month with our Reward Account.”