Martin Lewis warns anyone with NatWest or Lloyds account to act now

The banking scene can be a maze for many, with dozens of options making the choice of where to open an account quite the conundrum. With countless accounts active across the UK, banks are constantly dangling carrots in the form of enticing offers to lure customers into switching.

From a wad of cash to attractive interest rates, these incentives are varied. Thankfully, financial whizz Martin Lewis is always on the ball and has just tipped off that switchers could pocket as much as £200 by moving their bank account this week.

Time is of the essence though; one such offer is set to expire at the stroke of midnight on Wednesday. MoneySavingExpert.com, the brainchild of Martin Lewis, sheds light on the situation: "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."

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MSE points out that Lloyds Bank is currently leading the pack when it comes to introductory cash offers, presenting a handsome £200 to anyone who switches to its Club Lloyds Account. On top of the cash incentive, newcomers are also entitled to pick an annual reward, which includes options like a year's subscription to Disney+ (with ads), six cinema tickets, memberships to both the Coffee Club and Gourmet Society, or a magazine subscription, reports the Mirror.

MSE's website has highlighted a tantalising offer from Britain's banks, with Lloyds Bank cutting the ribbon on a nifty deal that customers will find hard to resist. As they put it: "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."

Yet, it's not all as simple as it seems — clients must ensure a monthly deposit of £2,000, or face a £3 monthly charge. In a rush against time, this deal wraps up at 11.59pm on Wednesday, prompting swift action from interested parties.

For the finer details, one must visit Lloyds' own digital doorstep. Not to be outshone, NatWest is dishing out its own festive wonder, dangling a carrot of £180 for newbies switching over to its Reward Account, with an additional yearly cashback possibility of £36. MSE spells it out clearly: "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."

They add another sweetener: "You also get access to NatWest's Digital Regular Saver which allows you to save up to £150/month, and pays 6.17% variable interest on up to £5,000. If you deposited the maximum amount each month for a year, you'd have £59.93 in interest."

Time, however, is ticking away on this one, too, with the curtains closing at 5pm on Thursday; strategy planning should include a trip to NatWest's web quarters.

Last but not least, First Direct joins the financial fray per MSE's briefing, enticing switchers to its First Direct 1st Account with a generous handout of £175 in ready money. Unlike the other two, this deal pins no expiry date, allowing for a more relaxed decision-making pace.

The MSE website states: "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."