High street bank hands out £175 if Brits complete one job in 10 days | Personal Finance | Finance

Brits can get £175 from one high street bank when they do one thing. Banks will regularly try to get new customers by offering rewards for switching. Many British bank customers take advantage of this, switching their current accounts to get generous boosts of cash, which can go a long way in today’s cost-of-living environment. Several banks have good deals at the moment, including one high street brand that many people already bank with. 

Nationwide is among the banks offering a reward to new and existing customers who switch their accounts right now. To be eligible, you must switch your main bank account to one of the three listed Nationwide bank accounts. These are the bank’s FlexDirect, FlexPlus and FlexAccount bank accounts. Customers who have these accounts but do not use them as their main bank accounts can also ‘switch’, as long as they have at least two direct debits to move over. The switch must be made using CASS, the UK’s free current account switching service. 

The account you choose will depend on what you are looking for as a customer. Here are detailed descriptions of the options:

1. FlexDirect: This bank account has no monthly fee and pays 5% interest on your money and 1% cashback on debit card purchases for 12 months.
2. FlexAccount: This is Nationwide’s everyday bank account, which also does not have any monthly fees.
3. FlexPlus: As the name suggests, this is the account with extra benefits. It costs £18 per month, but gives customers family travel and mobile phone insurance, plus UK and European breakdown cover.

The full switch using CASS must include the closure of the current account you are moving away from. The switch must be completed in 28 days in order to qualify for the £175 reward. 

Additionally, customers should pay in at least £1,000 and make 1 debit card payment within 31 days of account opening or applying to switch into an existing account.

The money is then paid within ten days of you meeting all of the requirements. The new account must be open already for the payment to be made. 

If you are switching to a joint account with one other person, you will still only get £175. The payment shows up in your bank statement as « Switching Offer ». 

The £1,000 deposit into the account can come from multiple places, but there are some sources that don’t qualify. This includes money already in the account if you’re switching into an existing account, another Nationwide account (even one that isn’t in your name) and visa credits. 

Instead, the money should come from your salary, money moved over from an old account, or transferred from another non-Nationwide account. 

If you have received a switching offer from Nationwide for a sole or joint account since 2021, you won’t qualify. But you previously took up the offer on a sole current account, and you’re now switching into a joint current account that hasn’t had the offer before, you can still get the £175 reward. 

The deal has been offered to bank customers for a few months now, and no end date has been named. However, the bank can end the offer at any moment, so customers who are confident they want the deal and who are comfortable switching bank accounts should be quick to avail of it. Those who want to switch can check their full eligibility here.

However, there are plenty of other high street banks offering rewards for customers who switch. For example, Santander is giving £200 to new and existing customers who switch their main bank account.

Meanwhile, customers who switch to one of TSB’s Spend & Save or Spend & Save Plus current accounts can also get £200. There are specific criteria, terms and conditions with both of these offers that customers should familiarise themselves with before deciding to switch.