Nationwide says it will pay £175 into customers' bank accounts

Households alerted to cash offer from major building society

Nationwide has said it will pay £175 into the accounts of new customers who follow some simple steps. The building society says it will pay people who join from a rival bank.

New customers have to complete a number of steps before they can get their hands on the money. These include closing their account with another bank and switching at least two active direct debits. The money should arrive around a month after switching.

Banks often offer cash incentives in a bid to lure customers from rivals. Nationwide set out the terms of how get the money on its website.

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It said: "How to get £175 when you switch:

• Switch a non-Nationwide bank account with at least two active direct debits to us
• Switch to us online
• Close your non-Nationwide bank account when you switch. We're able to do this for you - just make sure you select this option when you’re requesting your switch
• Complete your switch within 28 days

"And within 31 days of requesting the switch, you need to:

• Put at least £1,000 into the account
• Pay for something once using your debit card. Some transactions - like gambling - don’t count towards this, so make sure you check the terms

They continued: "You can choose between three bank accounts. You can get £175 by switching to a FlexPlus, FlexDirect or FlexAccount.

"If you already have one of these bank accounts, you can still switch over your non-Nationwide bank account and get £175 if you log in to our internet bank. You'll still need to meet the other qualifying criteria for the offer."