Nationwide paying customers free £175 if they have £1,000 in bank account

Nationwide is offering the payment to those who switch their current account to its FlexAccount, FlexDirect or FlexPlus account as the Cost of Living crisis continues.

Nationwide is giving away £175 for free to customers before Christmas. Nationwide is offering the payment to those who switch their current account to its FlexAccount, FlexDirect or FlexPlus account as the Cost of Living crisis continues.

In order to get the free money, you must switch through the Current Account Switch Service (CASS). Rachel Springall, a finance expert at Moneyfacts Compare, said: “The £175 free-cash perk is a joint-market leading sum with First Direct, so it will be interesting to see if any other providers launch a switching incentive to compete for business in the weeks ahead.

“The FlexDirect (account) will pay up to £5 per month in cashback, but this is not diluted by any account management fee, which is a plus.” She says: “This safety net can make a difference for those who might overspend by a small amount.”

READ MORE NS&I urges customers to fill out crucial document or risk losing Premium Bonds

Springall suggested that, in general, current account holders should weigh up the benefits they use as well as the charges for using their account “to see if it’s working hard enough”. To get the cash, switch a non-Nationwide bank account with at least two active Direct Debits to Nationwide.

Switch to the building society online. Close your non-Nationwide bank account when you switch. We're able to do this for you - just make sure you select this option when you’re requesting your switch and complete your switch within 28 days

And within 31 days of requesting the switch, you need to put at least £1,000 into the account and pay for something once using your debit card. Some transactions - like gambling - don’t count towards this, so make sure you check the terms.

Nationwide says: "You can get £175 by switching to a FlexPlus, FlexDirect or FlexAccount. If you already have one of these bank accounts, you can still switch over your non-Nationwide bank account and get £175 if you log in to our internet bank. You'll still need to meet the other qualifying criteria for the offer."