Nationwide is giving away free sums of £175 to banking customers who transfer their non-Nationwide bank account to either a new or existing FlexDirect, FlexAccount or FlexPlus account.

To be eligible for this promotion, you must move two existing Direct Debits from your previous account and complete a full transfer using the Current Account Switch Service. The transfer, including shutting down the old account, must be finalised within 28 days.

Following your application, you are obliged to pay in at least £1,000 and conduct one debit card transaction within 31 days of requesting the switch.

Nationwide said it will then credit the £175 into the transferred account within ten days of all conditions being met.

The building society added: “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’.”

This promotion is not available to anyone who has received a Nationwide current account online switch offer since 2021, unless they had the offer on a sole account and are now transferring into a joint account that hasn’t previously received an offer, or vice versa.

When registering for a bank account with Nationwide, they will enquire if you wish to transfer from your current bank account.

To begin this procedure, you’ll need to supply your existing bank account information and indicate when you want the transfer to take place.

Throughout the initial six days of your transfer, you should keep using your existing 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 finalised. All Direct Debits, standing orders and any remaining balance from the previous bank account will be moved across.

Your former provider will deactivate your card and shut down your account, while your Nationwide card will become operational.

Any incoming payments to the old account, such as wages or pension, will also be redirected – although you should still notify employers and pension providers of your new account information.