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Customers with major banks including Lloyds Bank and Halifax could get £1,000 in extra cash - if they switch banks. Savers may want to think seriously about changing provider, as several banks offer bonus payments to encourage people to switch. Barclays has become the most recent institution to roll out such a promotion.

The bank is offering bonus payments of up to £900, and you could pocket even more when you take your savings growth into account. Andrew Byres, financial security and pension planning expert at digital finance tool SafeKeep , urged people to consider switching.

He said: "Loyalty rarely pays when it comes to banking. If your savings could grow faster elsewhere, and a switching offer gives you the push to move, it might be time to leave your long-standing ban

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