Nationwide to pay £175 to customers who follow two simple steps

Richard Guttridge
·1-min read
Nationwide warns customers they need 'minimum income of £50,000'
-Credit: (Image: Reach Publishing Services Limited)


Nationwide is offering a £175 cash payment to new customers who switch from rival banks. People will have to complete two simple steps in order to get their hands on the cash.

The offer applies to customers who sign up to Nationwide's FlexDirect account. In order to get the payment, they will need to open the account online or via the app and move two direct debits from their existing bank within 28 days.

Once they've completed these steps, the £175 bonus will be paid within 10 days. It's one of a number of cash-switching deals currently on the market from big banks trying to tempt people to switch.

READ MORE: £200 cost of living payments for households not on DWP benefits

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Money experts say this means it's a good time for people to shop around for a new bank and make some easy money. Other offers are currently available from the likes of Lloyds, NatWest and Santander.

The Nationwide deal is among those highlighted by Martin Lewis' Money Saving Expert (MSE). Customers are eligible as long as they haven't benefitted from a Nationwide switch offer in the last three years.

They said: "Nationwide is offering a host of perks to newbies switching to its FlexDirect account. On top of the £175 free cash, there's 5% AER interest on current account balances up to £1,500 for a year (maxed out that's £75) and 1% cashback for 12 months up to £5/month.

"You can also get the free £175 by switching into Nationwide's £13/month FlexPlus packaged account or its bog-standard FlexAccount – though the 5% interest and 1% cashback aren't available with these accounts."

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