Martin Lewis' team issues NatWest and Lloyds message to customers

Choosing the right bank to open an account with can be a puzzling task, especially with the vast array of options available. With such heavy competition and millions of active accounts in the UK, various banks roll out attractive offers to entice customers into making the switch – these incentives could range from a wad of free cash to enhanced saving rates.

Thankfully, finance guru Martin Lewis keeps a vigilant eye on these promotions and has recently divulged information that could see bank account owners pocket up to £200 just by changing their banking provider this very week. There is a sense of urgency as one of these tempting deals is set to expire at precisely 11:59pm on Wednesday.

The Money Saving Expert (MSE) website, established by Martin Lewis, sheds light on why banks run these lucrative campaigns: "Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals."

Currently, as per MSE's insights, Lloyds stands at the pinnacle for introductory financial incentives, as it's dangling a £200 carrot to anyone who opts to make the move to its Club Lloyds Account. Those who take the plunge will also have the luxury of selecting an annual reward – the choices include a 12-month Disney+ subscription (now featuring advertisements), six cinema tickets, membership to a Coffee Club and Gourmet Society, or a subscription to a chosen magazine.

The MSE website has highlighted a beneficial offer stating: "You also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £400/month (maxed out, it's £150/year interest). Plus, there's a 0% overdraft on up to £50," reports the Mirror.

It also notes the importance of a £2,000 monthly payment into the account and mentions a £3 monthly fee without it. Emphasising the urgency, the deal from Lloyds concludes at 11.59pm on Wednesday, directing those interested to the Lloyds website for more information.

NatWest doesn't lag behind with its own attractive proposition. "The NatWest Reward account comes with a £2/month fee, but you get £5/month cashback when you pay in £1,250, pay out 2+ Direct Debits of £2+ and log into its mobile banking app each month. So the net gain is £3/month or £36/year."

This deal, which also includes an incentive of £180 for new customers switching to the Reward Account and the possibility of earning interest via NatWest's Digital Regular Saver, is available until 5pm on Thursday.

Those wishing to make the switch can do so through NatWest's website.

First Direct is another bank mentioned by MSE, rewarding customers who switch to its First Direct 1st Account with an enticing £175 bonus and without any offer deadline.

According to the MSE website: "First Direct's been top or near-top of every bank service poll we've ever run – most recently it scored 91% 'great'. Plus, newbies to First Direct's 1st Account* can expect £175 to switch, a £250 0% overdraft (subject to a credit check), a linked regular saver paying 7% fixed for a year and near-perfect rates when spending overseas. Put all this together and it's a top all-round account."