Nationwide and First Direct customers given £175 free handout
Nationwide and First Direct are offering a free cash payment of £175 to customers.
The freebie is available to customers who switch accounts to either bank, meaning you could get a nice cash boost just in time for Christmas.
Nationwide says that customers can get £175 by switching to a FlexPlus, FlexDirect or FlexAccount online.
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You must switch a non-Nationwide bank account with at least two active Direct Debits to Nationwide, and close your non-Nationwide bank account when you switch. Within 31 days of requesting the switch, you then need to:
Put at least £1,000 into the account, not counting transfers from other Nationwide accounts or Visa credits
Pay for something once using your debit card. Some transactions - like gambling - don’t count towards this, so make sure you check the terms
You can check if you’re eligible for the £175 offer online via the Nationwide website.
Alternatively, you can get a free £175 cash payment by opening an account with First Direct. In addition to the welcome bonus, the bank is also offering a £250 interest-free overdraft (subject to status) to customers, access to its 7.00% AER/gross Regular Saver account, and no debit card fees when spending abroad.
To qualify for the cash bonus, within 45 days of opening your account you need to:
Switch to First Direct using the Current Account Switch Service (including at least two Direct Debits or standing orders)
Deposit £1,000
Make five-plus debit card payments
Log on to digital banking
The offer is limited to new customers only who have not previously held a First Direct Product. It is also not available to anyone who opened a HSBC current account on or after January 1, 2018.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, says there are some “enticing perks” to weigh up before making a switch as several banks are currently offering sweeteners to customers.
Lloyds Bank is paying £200 for eligible new and existing customers switching to a Club Lloyds account until December 10, 2024, while the Co-operative Bank has launched a “switch and stay” offer, giving switchers up to £150.
Springall says: “It is vital consumers are not swayed by a perk alone and instead choose an account that suits their everyday needs.”
She advises that anyone planning to take out a paid-for current account consider how often they will use these perks before switching, and what level of cover they will provide if you need to use them.
It’s also vital to read all of the terms and conditions before deciding to switch for a cash reward, as you may need to complete the move within a certain period to qualify.
Springall adds: ““Whichever account someone chooses, it is imperative they maximise any benefits and ensure they meet any eligibility criteria. Some accounts require minimum funding, a certain number of direct debits or online banking, so it’s vital customers check the terms and conditions carefully to not be left disappointed.”