Although it’s an attractive option, other banks are also offering incentives to switch so it’s worth looking at which one best suits an individual’s needs.

Santander is offering a cash incentive of £130, but customers will pay a £2 a month fee to use the account.

However, this account fee could be wiped out with cashback on direct debits for water, energy and council tax.

Meanwhile, Nationwide is offering £100 to new customers and £125 to those who have an existing account with them but want to move their current account over as well.