Nationwide handing out free £175 payments with no deadline to apply | Personal Finance | Finance

Nationwide said it will offer certain banking customers a £175 payment for free, and there is currently no deadline for people to act. The world’s largest building society continues to offer the bonus cash to eligible people who switch to Nationwide.

Other banking giants often run similar offers, though there is usually an end date to switch by. However, this is not currently the case for the Nationwide £175 deal.

To get the money you’ll need to switch a non-Nationwide bank account with at least two active Direct Debits, perform the switch online, and close your old account when you switch. Nationwide said it can do the last part for you.

You’ll also need to complete the switch within 28 days and within 31 days of requesting the switch, you must put at least £1,000 into the account, and this can’t be a transfer from another Nationwide account or Visa credits.

You must also pay for something once using your debit card and some transactions, such as gambling, don’t count. Switchers can bag the £175 when switching to either a FlexPlus, FlexDirect or FlexAccount.

Current customers who already have one of these accounts can still get the cash, if they switch over from a non-Nationwide provider, and meet the other criteria.

When you switch, your list of payees, that’s everyone you’ve ever sent payments to, will move to the new account, as will any new payments you have set up. Regular income, such as salary, benefits, or a pension, will also move automatically, as will regular outgoings like bills.

Should any payments be sent to your old account, a safety redirect will “catch” these and move them over.