Customers nationwide and First Direct delivered £175 free for Christmas | Personal Finance | Finance

New customers nationwide and First Direct have the opportunity to pocket £175 free before Christmas.

Building societies and online banks are encouraging customers to switch and bank with them in exchange for the cash bonus.

First Direct’s offer gives people access to a savings account with a seven per cent interest rate, fee-free spending abroad and a £250 interest-free overdraft.

Meanwhile, customers across the country can enjoy five per cent interest on current account balances of up to £1,500, as well as one per cent cashback for 12 months.

However, customers must meet certain criteria to qualify for each deal.

First Direct – £175 bank switch deal

To be eligible for the First Direct 1st Account exchange deal, customers must not have had any online banking accounts. This includes a checking account, credit card or mortgage.

Customers must also not have opened a current account with sister bank HSBC since January 2018.

If this criteria is met, people must open the 1st account in the app or online for joint accounts.

They must then switch to a different bank via the Current Account Switching Service (CASS), making at least two direct debits or standing orders within 45 days.

People must also pay at least £1,000 and make five or more debit card payments.

The £175 will be paid by the 20th of the month after the new customer meets the switch bonus criteria.

Nationwide – £175 bank switch deal

To be eligible for Nationwide Building Society’s FlexDirect deal, customers cannot have switched to a Nationwide account or received switch money from Nationwide since August 18, 2021.

If eligible, people must open the account online or through the app. People can also switch to an existing FlexDirect account, although they won’t receive the five percent interest or one percent cashback benefits.

Customers must then switch their account to a different bank, including at least two direct debits within 28 days.

Within 31 days of requesting the change, people must pay at least £1,000 and make at least one debit card payment.

The £175 bonus will be paid within 10 days of all criteria being met.