Savvy Brits wanting to cash in on Nationwide’s generous £175 bonus will need to act quickly, as the banking giant has just announced it’s scrapping its popular incentive
Brits have been urged to act swiftly if they want to cash in on a lucrative offer worth £175. Many banks offer free cash incentives to lure in new customers, along with additional perks such as free cinema tickets, streaming subscriptions, and even cashback rewards.
Last year, more than 1.2 million Brits used the Current Account Switch Service, with many opting to open a Nationwide account. The banking giant has been running its switching incentive since September 25, 2024, which offers new customers £175 if they meet certain criteria.
However, the bank bribe is slated to be withdrawn on March 31, 2025, meaning potential customers have just weeks to make sure they pocket the hefty bonus. “Our switching incentive is a demonstration of how we are making banking more rewarding for customers,” Tom Riley, Director of Retail at Nationwide Building Society, said. “We would encourage anyone looking to switch their account to do so now to benefit from the offer as it will be withdrawn later this month.”
For those wanting to join the bank, you’ll need to switch from a non-Nationwide bank account with at least two active Direct Debits. You’ll also close your non-Nationwide bank account when you switch and complete your switch within 28 days.
Within the first 31 days of requesting the switch, customers will have to put at least £1,000 into the account, not counting transfers from other Nationwide accounts or Visa credits, as well as make a payment on their new debit card. “Some transactions – like gambling – don’t count towards this, so make sure you check the terms,” Nationwide added.
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First Direct are also offering a £175 bonus for Brits switching to its 1st Account. You’ll also get access to a £250 interest-free overdraft, and a 7.00% AER/gross Regular Saver account. Similarly to Nationwide, you’ll need to switch to bank using the Current Account Switch Service, have at least two Direct Debits or standing orders, deposit £1,000, make 5+ debit card payments, and log on to digital banking within the first 45 days of your account opening.
“New customers only, who haven’t previously held a first direct product,” First Direct said. “Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018.”
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