Now is the most lucrative time to switch current accounts in years. Banks are offering huge sweeteners of up to £500 if you switch to one of theirs.

That’s tempting – it would take a year to earn this in interest on £12,500 in an easy-access account paying a solid 4 per cent.

To qualify, you need to switch using the Current Account Switching Service (CASS), which does all the hard work for you including switching direct debits.

To get the cashback, you must follow eligibility rules on how much to pay in at the start, what to pay in each month, the number of direct debits you need and how to avoid any monthly fee. 

You won’t usually qualify for a bonus if you previously bagged one or had an account with the provider in the recent past.

Lloyds Bank is waving around a top £500 if you switch by the end of April – but only for high earners switching to its Premier Account.  You need to pay in at least £5,000 a month – or £60,000 a year.

Benefits include a 1 per cent cashback of up to £10 a month on debit card purchases, a year’s subscription to Disney+ and private health care with Bupa worth £50 a month. 

It also gives you access to better savings rates through its Club Lloyds account. 

Next best is £400 from Barclays if you open its Premier Current account, but you need to pay in at least £75,000 a year. 

You get cashback rewards with certain retailers and can access better savings rates such as 4.21 per cent on the first £5,000 in its Rainy Day Saver.

Santander Edge pays a lower £200 switching bonus, but you only need to put in £1,500 up front and then at least £500 a month. 

You get 1 per cent cashback on some bills up to £10 a month and a savings account paying 6 per cent on up to £4,000 for the first year. 

But you need to weigh up these gains against the £3-a-month fee.

Lloyds pays £200 on its Club Lloyds current account. This has a £5 monthly fee, but it is refunded each month you pay in at least £2,000.

First Direct offers £175 and access to its regular saver account if you pay in £1,000 and make at least five debit card payments. 

It is unavailable if you have opened an HSBC current account on or after January 1, 2018.

Nationwide FlexDirect’s £175 bonus comes with 5 per cent interest on balances up to £1,500 and cashback on spending up to £5 a month when paying in £1,000 each month – both for a year.

NatWest pays £150 if you switch to its standard current account with access to its 7 per cent savings account, where you can pay in up to £150 a month.

Coventry BS has a new top-paying, easy-access account – but there are strict rules about how often you can access your money.

Its 3 Access Saver 1 year account pays 4.25 per cent but you are restricted to making no more than three withdrawals during the year to earn it.

You can still make more withdrawals but you will then be charged the equivalent of 50 days’ interest on the amount you take out if you make more than this.

After 12 months, your money is automatically transferred to Coventry’s Easy Access Saver account which lets you take money out as often as you wish. 

But the rate is currently a lowly 2 per cent. You can open the account in its branches, online or through the post.