Two of the UK's major high street banks are currently handing out £175 in free cash to new customers who switch their current accounts. This lucrative incentive from Nationwide and NatWest provides a welcome financial boost, but the offers are only available for a limited period.
How Bank Switching Bonuses Work
Financial institutions frequently use cash incentives to attract new business and expand their customer base. As explained by Money Saving Expert, these switch bribes represent a double victory for banks – they gain your custom while simultaneously weakening a competitor.
The process typically involves moving your existing current account from another provider using the Current Account Switch Service, which automatically transfers your balance, direct debits, and standing orders.
Nationwide's £175 Switching Offer
Nationwide is offering a £175 bonus for switching to its FlexDirect account. Beyond the immediate cash incentive, this account provides additional valuable benefits including 5% in-credit interest on balances up to £1,500 for twelve months (potentially worth £75) and 1% cashback for a year when depositing £1,000 or more monthly.
The account also includes a £50 interest-free overdraft facility. Importantly, you won't qualify if you've previously received a switching bonus from Nationwide or moved an account to them before.
To secure the £175 from Nationwide:
- Open a FlexDirect account online or switch into an existing one
- Transfer an account from another bank with at least two direct debits within 28 days
- Deposit £1,000 or more and make one debit card payment within 31 days of requesting the switch
The bonus payment should arrive within 10 days of meeting all requirements.
NatWest's £175 Switching Deal
NatWest provides a similar £175 upfront payment for switching to its Reward account, which also offers £36 annual cashback and access to a 5.5% interest regular saver. Be aware that this account carries a £2 monthly fee, though you can offset this by earning £5 monthly cashback when you deposit £1,250, pay two direct debits, and log into the mobile app each month.
The switching bonus is also available with NatWest's fee-free Select Account, though this doesn't include ongoing cashback. The same offer applies to sister bank RBS's Reward and Select accounts.
Eligibility restrictions apply: you cannot have held a NatWest current account since September 16 or have ever received a switching bonus from NatWest, RBS, or Ulster Bank.
To claim NatWest's £175:
- Open a new NatWest Reward or Select account
- Switch from a non-NatWest group account online or via mobile app
- Deposit £1,250 or more and log into mobile banking within 60 days
The money will be credited to your account within 30 days of completing these steps.
Act Quickly Before These Deals Disappear
Bank switching bonuses represent one of the simplest ways to earn easy money, but they're typically short-lived promotions. Both the Nationwide and NatWest offers require meeting specific criteria within strict timeframes, so potential applicants should move promptly to avoid disappointment.
Always check the latest terms and conditions directly with each bank before applying, as eligibility requirements and offer details can change. For those who qualify, these switching deals provide an excellent opportunity to boost your finances with minimal effort.
