First Direct bank is giving up to £375 to customers who ditch their current accounts from the likes of Lloyds, Santander, Halifax and Barclays and switch to its offering instead.

And what’s more, those taking full advantage of First Direct’s linked benefits can see themselves handed another £136.50 within 12 months of making the switch.

The bank switching market is hot right now, with several major banks and building societies offering up cash payments to try to lure stubbornly loyal customers away from their existing bank accounts, including the likes of Santander (£150), Lloyds (£180) and Nationwide and Natwest (£175 each).

First Direct’s offering will give new customers a £175 cash welcome bonus paid directly into your account.

As well as this, customers will be given a free £250 overdraft at 0 percent, meaning you have £375 worth of funds to draw from when you open the account.

On top of these, First Direct customers will also be given access to a linked 7 percent interest rate savings account, one of the best on the market for regular saving.

This allows savers to put away up to £300 per month for a fixed 12-month term. Those who save the maximum £300 per month for a year would be paid £136.50 interest at the end of the period.

First Direct outlined that there are some stipulations, and that the offer is not open to HSBC customers, which is First Direct’s parent company.

It said: “If you're over 18, a UK resident, haven't been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years (or be in the process of doing so), and have a phone number and email address we can contact you with, we'd love to welcome you.

“Within 45 days of your account opening you need to: switch to us using the Current Account Switch Service (including at least two Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking.

“New customers only, who haven’t previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018.”