Lloyds, NatWest, Santander and Nationwide customers can get up to £200 free cash

Falling interest rates could have an impact going forward on the offers but for now free cash is on offer to people who switch providers to certain banks

Savers looking to switch to a new provider can get some free cash payments and now is the time as they may soon be less generous. Santander is currently offering new customers £150, Lloyds Bank is paying £200, with NatWest you can get £180 switch offer, and Nationwide is offering £175 to switch.

However, experts have issued a caution that these switch offers not be here for much longer. Ian Pagdin, senior lecturer in Banking, Risk Management, Investment and Wealth Management at Sheffield Business School, said: "It is possible that there may be more attractive offers than this although with the current falling trend of interest rates, this may limit the "generosity" of the offers going forward into 2025."

Explaining what the banks could do to make these offers more appealing to consumers, he said: "Other perks to entice could include reduced or zero monthly fees and even cashback offers, and maybe retail vouchers." Nonetheless, his view is that it is "very likely" these switching offers will continue as the current account market is "very competitive" at present.

For those pondering whether to switch, Mr Pagdin said you should focus on your individual needs and to make sure that if there are additional services or perks, these will in fact benefit you. He warned: "Cashback offers are often linked to overall spending and therefore not be quite as attractive as you may think.

"Other potential possibilities are perks such as travel insurance, but if you don't travel abroad then this may not be attractive to the individual." He had a further caution for savers, warning that a "major consideration" you should always bear in mind is the quality of customer service the bank provides.

Liz Hunter, director at Money Expert, also shared some tips for things to think about when you are looking to switch. She said to check for exit fees from your current provider or penalties if you are withdrawing from a fixed term product, as this can wipe out any gains from switching to your new account.

Another key tip is to shop around so you have a good sense of the range of products available to you. Ms Hunter said: "Don’t rush to switch to the first provider simply because of the benefits being offered and don’t just limit the search to traditional high street banks, as they may usually offer lower savings rates compared to newer, less established providers.

"Newer and online-only banks frequently provide more competitive rates as they have lower overheads and are more innovative than many high street banks, so it’s worth checking them out too to see if you can get a better deal." Another important check is to make sure the provider you are looking at is covered by the Financial Services Compensation Scheme, which means your savings will be protected up to £85,000 should the bank fail.

Ms Hunter stated: "Beyond interest rates and benefits, other factors such as the bank’s reputation, customer service and how easy it is to manage your account should also be considered."