28 day deadline as Nationwide to hand out free £175 payments

Nationwide has millions of customers across the UK(Image: Google)

Eligible new Nationwide customers could pocket £175 in free cash, provided they act "within 28 days". The world's largest building society is making the offer available to anyone who completes a switch to its FlexPlus, FlexDirect or FlexAccount from a non-Nationwide account within four weeks of requesting the transfer.

Nationwide has confirmed that new members will also need to deposit at least £1,000 into the account, and a number of additional terms and conditions apply. For instance, you must be switching from a non-Nationwide or non-Virgin Money current account, and request a full switch when you apply.

The switch must be completed within 28 days, and you will also need to have at least 2 Direct Debits for Nationwide to transfer across, as well as asking Nationwide to close your existing account during the process. This must be the first time you have received a Nationwide switch offer on an eligible sole or joint account, and Nationwide has stated it may end, alter or replace this offer at any time.

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The £175 will be paid directly into your account within 10 days of all requirements being fulfilled.

Finance expert at Moneyfacts, Rachel Springall, pointed out that making the move to an account such as Nationwide's FlexDirect could prove exceptionally worthwhile. She said: "[Switching to] Nationwide's FlexDirect account could offer customers up to £470 in value in the first year. The account is highly attractive all-round and rewards customers on their day-to-day spending with cashback. Those who keep a bit of cash in the account will earn an inflation-busting interest rate."

How the £470 is calculated:

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