HSBC is offering a 2.75 percent interest rate - and new customers can get £125 bonus

Elsewhere, HSBC UK has re-introduced its cash switching incentive.

Since September 15, the bank has been offering a cash payment of £125 to new customers.

This money is available to new to bank customers who switch to the HSBC Advance and Premier current accounts.

To qualify, they would need to apply and start a full switch using the Current Account Switch Service (CASS), including a minimum of two Direct Debits and/or Standing Orders, within 30 days of the date of the account being opened.