Fancy up to £500 of “free” cash – or how about a complimentary eco-friendly electric toothbrush? Many of Britain’s banks are offering sizeable “welcome bonuses” and other freebies in an attempt to convince people to switch to their current accounts.

This week the battle was turned up a notch. Santander is offering £240, while NatWest is hoping to tempt high-earners to defect by dangling the carrot of £500.