New customers who switch to one of Clydesdale or Yorkshire banks’ current accounts can earn a £250 cash bonus when they use the seven-day Current Account Switching Service (CASS).
To receive the cash, consumers must also pay £1,000 into the account for the first two months, have two active direct debits set up and register for online banking.
Switchers can move to any of the accounts in the Clydesdale and Yorkshire range to get the bonus - including B Current, Current Account Plus, and Signature Current Account.
Those who have previously received a cash incentive for switching to either Clydesdale or Yorkshire are not eligible for the offer.
Demand for this switching bonus is expected to be high and this offer can be withdrawn at any time, so consumers are being encouraged to start the switching process as soon as possible.
How does this switching offer stack up?
The Clydesdale Bank and Yorkshire Bank £250 switching offer is by far the best incentive on the market today.
Elsewhere, switch your current account to HSBC and you'll earn £150 plus a further £50 if you stay as a customer for a year. You must register for mobile or online banking within 60 days of the account opening and pay in a minimum of £1,750 each month. This offer runs until 26 November 2017.
Halifax pays anyone who switches to its current account a £125 bonus, plus a £3 reward each month you pay in £750 or more, pay out at least two different direct debits and stay in credit. The same reward is also available on its Ultimate Reward Account. That charges a £12 monthly fee, or £15 if you pay in less than £750 per month. The offer runs until 13 November 2017.
First Direct pays £100 cash if you switch to one of its current accounts. It will also pay another £100 if you are unhappy with the service and leave after the first six months. To qualify, you need to transfer via the Current Account Switching Service and deposit at least £1,000 in the first three months.
Finally, M&S Bank pays a £125 voucher to new current account switchers, plus a £5 voucher each month for a year, providing you pay in at least £1,000 a month. Both the First Direct and M&S Bank offers have no expiry date.