Nationwide bank is offering £175 cash payments to customers ditching and switching their bank account and will give you a top rate on savings too – but there’s a limit.

The building society is offering a range of benefits for customers who transfer their current account from another brand, such as Halifax, Lloyds, HSBC or Santander – over to Nationwide’s FlexDirect account.

Not only will it pay switchers £175 cash up front, but those making their way from another bank will also be given the chance to open a linked 6.5 percent interest rate savings accounts, which is one of the best rates on the market right now and far higher than most easy access savings rates.

The only catch is that there’s a £2,400 limit on the amount of money you can deposit in a single year. Any more than that, and you’ll have to use another account with a lower rate or find a different bank for the rest of your spare cash to grow.

That’s because the 6.5 percent regular saver has a £200 per month deposit limit, meaning you can’t deposit more than £2,400 in a single year.

Still, if you max out this account, you’ll earn another £85 in a year to add to the £175 cash bonus, for a total gain of a very handy £160 just for changing bank and making regular savings.

Nationwide also offers 0 percent overdraft up to £50 on its account.

To be eligible, you need to open the account online, switching from a different bank and make sure you have two direct debits as well as pay in £1,000 and make one purchase on your debit card within a month, and then you’ll get the £175 within ten days of meeting the criteria.

You also cannot make more than four withdrawals in a year or your rate could be cut.

Nationwide said: “Our self-service account that pays you to bank with us.

“Get interest on your money and, for the first 12 months, cashback on debit card purchases.

“Is a Flex Regular Saver right for you?

“Designed for Savers who want to save up to £200 a month

“Your rate depends on how many times you take money out in the 12 month term. After you take money out 4 times, the lower rate applies for the rest of the term.”