Nationwide has announced that it will hand out £175 cash incentives to customers who complete specific tasks and fulfil certain criteria.

To qualify for this money, banking customers must transfer their account from a different bank to either a new or existing FlexDirect, FlexAccount, or FlexPlus account with Nationwide.

Those applying must also move two active Direct Debits from their old account and finalise a complete switch using the Current Account Switch Service [CASS].

The whole process, including shutting down the previous account, must be complete within 28 days.

After submitting the application, customers need to deposit at least £1,000 and carry out a minimum of one debit card purchase within 31 days of initiating the switch.

Nationwide has confirmed the £175 will be added to the switched account within ten days once all requirements have been met.

The building society said: “The account must be open when we make the payment. If you’re switching into a joint account, you’ll only receive one £175 payment. The payment will show on your statement as ‘Switching Offer’.”

Customers won’t qualify for the  cash if they’ve previously claimed a Nationwide current account online switch incentive since 2021, unless the earlier offer was on a sole account and they’re now transferring to a joint account that hasn’t previously received an offer, or vice versa.

When applying for a Nationwide bank account, you’ll be asked if you wish to transfer from your current bank account, reports Wales Online.

To initiate this process, you will need to provide your existing bank account details and specify your preferred switching date. For the first six days of your transfer, you should continue using your current bank account and card.

Nationwide explained: “We’ll request all your payment arrangements from your old building society or bank, including your Direct Debits and standing orders, to switch to your new account. You don’t need to do anything.”

On day seven, the transfer is completed. All Direct Debits, standing orders and any outstanding balance from your previous bank account will be transferred over. Your old provider will cancel your card and close your account, whilst your Nationwide card will be activated.

Any payments coming into the old account, such as your wages or pension, will be automatically redirected – though you should still inform employers and pension providers of your new account details.

On day seven, the transfer is completed. All Direct Debits, standing orders and any outstanding balance from your previous bank account will be transferred over.

Your old provider will cancel your card and close your account, whilst your Nationwide card will be activated.

Any payments coming into the old account, such as your wages or pension, will be automatically redirected – though you should still inform employers and pension providers of your new account details.