Nationwide to pay out £175 to new customers in time for Christmas, here's how to claim

Nationwide, has announced that it will be offering £175 to new customers who open a FlexDirect account. Financial experts suggest that switching bank accounts could be an easy way to earn some extra money in the lead up to Christmas.

The offer from Nationwide has been spotlighted by Martin Lewis' Money Saving Expert (MSE). While there is no immediate minimum deposit requirement, £1,000 must be deposited within 31 days of initiating the switch, and two direct debits must also be transferred.

MSE suggests that those who start the process now should receive their money by mid-December. This is one of several bank-switching offers currently available from high street banks.

MSE commented on the Nationwide deal: "Another strong service contender here, and it gives you 5% fixed interest for 12 months on current account balances, but only on up to £1,500. The debit card cashback looks good."

"It has a linked 6.5% AER variable regular saver you can put £200/month in for one year (max it out for £85 interest). To get the free cash: Switch 2+ direct debits across, then pay in £1,000+ and spend once on the debit card within 31 days of requesting the switch.", reports Birmingham Live.

Financial gurus are urging those seeking to earn a bit of extra cash to explore the deals currently available, as switching accounts can lead to easy money.

Nationwide: How to claim free £175

Nationwide have set out the simple to steps to switching accounts and claiming a free £175, on their website. They state:

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, not counting transfers from other Nationwide accounts or Visa credits

Pay for something once using your debit card. Some transactions - like gambling - don’t count towards this, so make sure you check the terms