The money will be split into two payments, with customers receiving £125 a few months after opening their account and a further £50 once the account has been open for a year.

Earlier in the year, the bank was offering customers a £150 one-off payment for making the NatWest Reward current account their main bank account but this deal was pulling in February.

The latest deal runs until 7 June 2019 and is available to people switching to any NatWest current account.

Switchers to the Reward current account will also benefit from 2% cashback on household bills with an average of £83 received each year.

Customers switching to Reward Silver, Platinum or Black accounts also benefit from no foreign purchase fees on debit card purchases made outside of the UK, up to 40% off cinema tickets and (for Reward Platinum and Black customers) personal car breakdown cover which will cover customers both for vehicles they own and any vehicle they are travelling in. They also get mobile phone and travel cover.

Switchers are required to use the Current Account Switch Service, close their existing account and transfer their main current account to NatWest.

Customers must pay in £1,500 to the account and need to log into online or mobile banking through the NatWest mobile app before 12 July 2019.

Before 1 June 2020, they must also use their debit card linked to their opened account at least once a month. Applicants must be 18 or over and a UK resident.