Bank switching is big business right now, with both banks and building societies offering cash bribes to try to lure customers from rivals
Nationwide, the high street building society, is offering a £175 welcome bonus to new customers just in time for Christmas . With bank switching becoming increasingly popular, both banks and building societies are using cash incentives to attract customers from their competitors.
Despite research indicating that most people have been with their current bank longer than they've been in any relationship, those willing to switch to Nationwide can receive an immediate £175 payment. To be eligible for this offer, you must switch from a non-Nationwide account with at least two active Direct Debits.
The non-Nationwide account will be closed as part of the automatic bank transfer service, and the switch must be completed within 28 days. Within 31 days, you must deposit £1,000 into the account, make at least one purchase using your debit card, and then the £175 will be deposited directly into your bank account to spend as you wish.
FlexDirect and FlexAccount both come with no monthly fee, while Flex Direct also provides a linked 1 percent cashback on daily spending and a 5 percent interest savings account. FlexPlus comes with a £13 monthly fee, which will increase to £18 from December, making it less attractive. However, it does include worldwide travel insurance, phone insurance and UK and EU breakdown cover, so it could be more cost-effective if you require these products and can cancel them elsewhere. If you already have a Nationwide account and don't qualify for this offer, Lloyds, Santander, Co-op and Natwest are all offering bank switching bonuses of between £75 and £200 this month.
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