New Nationwide and First Direct customers are being offered the chance to pocket a free £175 before Christmas.
The building society and online banks are incentivising customers to switch and bank with them, in return for the cash bonus.
First Direct’s offer gives people access to a savings account with an interest rate of seven percent, fee-free overseas spending, and a £250 interest-free overdraft.
Meanwhile, Nationwide customers can enjoy five percent interest on current account balances of up to £1,500, as well as a one percent cashback for 12 months.
However, customers must meet certain criteria to qualify for each deal.
First Direct – £175 bank switch deal
To be eligible for the First Direct 1st Account switch deal, customers cannot have ever had any account with the online bank. This includes a current account, credit card, or mortgage.
Customers also cannot have opened a current account with sister bank HSBC since January 2018.
If this criteria is met, people must then open the 1st Account in-app or online for joint accounts.
They must then switch from a different bank using the Current Account Switching Service (CASS), moving at least two direct debits or standing orders over within 45 days.
People must also pay in at least £1,000 and make five or more debit card payments.
The £175 will be paid by the 20th of the month after the new customer meets the switch bonus criteria.
Nationwide – £175 bank switch deal
To be eligible for the Nationwide Building Society’s FlexDirect deal, customers can’t have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021.
If eligible, people must then open the account online or through the app. People can also switch to an existing FlexDirect account, though they won’t get the five percent interest or one percent cashback perks.
Customers must then switch their account from a different bank including at least two Direct Debits within 28 days.
Within 31 days of requesting the switch, people must then pay at least £1,000 and make at least one payment using a debit card.
The £175 bonus will be paid within 10 days of meeting all the criteria.
