In what it terms yet another retail banking first that is set to shake up Irish banking, Ulster Bank has announced today that all customers who switch their current account to Ulster Bank will get a €150 cash incentive/reward.

This move follows Ulster Bank's "ground-breaking" move last year when it became the first bank in Ireland to automatically offer transaction fee-free banking to all its current account customers, both new and existing.

Commencing next Monday, 26th February, and running throughout March, all new customers opening a current account with Ulster Bank will automatically receive a €150 credit to their account.

Customers will simply be required to switch and redirect their salary to an Ulster Bank current account to receive the cash incentive. There are no minimum monthly lodgement requirements or other conditions making this offer easy and straightforward for customers.

The offer is designed specifically to encourage customers to closely examine the level of service they receive from their existing bank and to help overcome the longstanding inertia around switching in the current account market.

Ulster Bank says that by switching their account to take advantage of this limited period offer, customers will be receiving a cash bonus and will be switching to one of the best current accounts in the market, provided by the third-biggest bank across Ireland, North and South. They will be joining the 450,000 Ulster Bank personal current account customers in the Republic of Ireland who are already reaping the benefits of transaction fee-free banking without strings attached.

Commenting on today's announcement, Mike Bamber, Ulster Bank's Chief Executive, Retail Markets said: "Ulster Bank has a proven track record of shaking up the Irish banking sector having been first to market with a number of initiatives such as no strings fee-free banking and offering 100% mortgages. This latest initiative highlights our continuing work to provide competitive and innovative products for all our customers and further reinforces our ambition to become the Number 1 Bank on the island of Ireland".

Bamber added: "Today's move is designed to encourage customers to stop and think about what they are getting from their existing bank - particularly the big two. If this requires us to incentivise customers with cash to encourage them to make a change and gain the benefits of our great service then we will do so.”