Nationwide Building Society has launched a refer a friend switching offer, promising £50 ($81) to both the existing and the new customer.
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The Co-op Bank has also announced a similar offer, promising £100 to new customers setting up an account.
Nationwide will offer the chance for current account customers to recommending up to ten friends per year, giving them the opportunity to earn £500 in 12 months.
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By GlobalDataPhil Smith, Nationwide’s head of current accounts, said: "Word of mouth is valuable to us as it shows that our customers are pleased with the products and service we offer and that they are willing to recommend us to their friends and family.
"There are a number of switching offers on the market, but ours is the only one that rewards existing customers as well as new customers".
The Co-operative bank’s pledge will be divided in £100 that will go to the new customer account and £25 that will be allocated to a charity chosen by the new current account holder.
Experts are watching the new approach of the Co-op after the troubled last months.
Jafar Hassan, personal finance expert at uSwitch.com said: "While a cash initiative can seem very attractive, benefits such as interest on balances and cashback rewards could be more valuable over the long term so it’s important that consumers consider all of their option, before switching.
"However with the Co-op Bank offering the extra perks of a fixed rate Individual Savings Account with up to 2.2%, and preferential rates on Co-op loans and credit card products, it could give consumers the whole package".
These offers are the latest attempt by the banks to drive competition and differentiation between the UK’s banks, around six months after the introduction of a "seven day" switching rule for customers to switch their bank accounts from one institute to another.
According to the Payments Council, changes to the rules saw a 17% surge in the number of people changing banks during the last three months of 2013, compared to the previous year.
In terms of account switching stats, the Co-op Bank moved into a negative position in December, with 3% of joiners and 4% of leavers.
This reverses the November position, but the TNS Current Account Switching Index reported it was too early to see how much impact recent scandals have had.
Numbers of current account customers leaving the UK’s traditional banks are roughly in balance with those joining, according to TNS.
The main exception was HSBC, which accounted for 14% of all switchers and only 2% of joiners in December.
Maureen Duffy, CEO of TNS UK said: "It is impossible to draw firm conclusions from a single month, and we will have to wait to see whether the improvement seen by the traditional banks in December can be sustained.
"It may be that the traditional banks are working harder to give their customers no reason to leave.
"We now have a full quarter’s data since SWITCH. The picture will become much clearer by the end of March 2014 when we will have another quarter’s data and may then be able to see trends emerging."
Lloyds TSB climbed back to 15% of switchers in December from 17% in November and maintained 15% of joiners while Barclays and NatWest moved from small negative positions to equilibrium.
Santander was also an exception with 19% of choosers and 8% of leavers, down from 21% and 9% respectively in November.
A third of those leaving Santander blamed poor customer service, the highest proportion for any current account provider.
Reputation and expectations of improved customer service remain a choice driver for the Co-operative.
Poor customer service proved to be the main trigger for customers leaving a bank, with 25% citing this as a significant factor in December, up from 22% in November, while customer service as a reason to choose also rose, by three points to 14%.
The most important factor in choosing a new provider was the availability of a local branch and convenient opening hours, at 22%. More than 70% of switchers who chose a traditional bank cited either this, reputation or expectation of better customer service.
BBA chief executive Anthony Browne delivered a speech on competition in banking at the London Stock Exchange on 4 February.
Browne said: "Britain’s banks like competition-they compete to win new customers every day.
"We believe that the best way to do that is to allow new banks to be set up and let smaller ones grow. We want to see a concerted effort on the part of the Government and of the regulators to recognise that regulation is holding back our challenger banks".
The TNS will release the account switching figures for January on 7 February.
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