Lots of people make hundreds of pounds every year switching banks and it’s recommended by financial journalist Martin Lewis as a way to make money.

However, there is no one-size-fits-all solution so it’s a good idea to look into it carefully.

It’s not the only bank to offer a sweetening offer to new customers.

NatWest is currently offering £150 to switch while Santander is offering £140.

At the moment Virgin Money is offering £100 but with a much higher interest rate of 5.02 percent interest on £1,000.