Let's be honest: most of us have been with the same bank since before we knew what interest was. Loyalty? Laziness? Fear of paperwork? Whatever the reason, banks are now waving wads of cash in our faces to switch - up to £220, to be precise.

More than five banks are currently offering switching incentives, with the largest bonus sitting at a shiny £220. And if you've got savings, you might also snag a better interest rate, because apparently your money can actually grow if you give it a chance.

According to new research from Hargreaves Lansdown, nearly two-thirds of British savers have stuck with the same bank for over a decade. Their survey of 3,000 British adults in August found that only 34% have moved their money in the last 12 months. That's a lot of inertia, and it's costing savers big time - an estimated £12bn in missed interest every year, based on analysis of Financial Conduct Authority data.

Simon Belsham, Hargreaves Lansdown's chief client officer, puts it bluntly: doing nothing might be easy but "often leads to poor returns." He notes, "Millions leave their cash with the same bank by default and that inertia is worth a fortune to banks, while costing British savers billions of pounds a year. Savers clearly care about rates: when they move their money, the overwhelming reason is to secure a better return. What holds them back is the effort of repeatedly finding, opening and juggling different accounts."

Sarah Coles, head of personal finance at AJ Bell, says people are "incredibly loyal" to their bank, which is why competitors need to offer sweeteners. "It's worth it for the banks, because they then have a captive audience, who are more likely to take other products from them." She advises that the bonus should be the "cherry on top" and not to overlook other factors like service reputation, overdraft charges, and savings rates.

But before you rush to switch, a few warnings: many deals come with strings attached, like minimum deposits or minimum direct debits. Switching banks will show up on your credit report, and opening lots of accounts in quick succession could dent your record - though closing an old one might boost it. As Coles says, "If you're planning to apply for a loan or mortgage in the next 12 months, you may want to wait until the deal is done."

If you do decide to switch, the free Current Account Switch Service (CASS) has your back. Over 50 UK banks and building societies are signed up. Tell your new bank your chosen switch date (allow seven working days) and your old account details, and they'll handle transferring payments, moving your balance, and redirecting incoming payments like benefits or salaries. Your old bank will close your account. If anything goes wrong, you'll be refunded any interest and charges on either account.

One catch: you'll need to manually transfer recurring card payments like subscriptions. And after the move, old bank statements won't be accessible, so download them first. Happy switching!