Need to know

Nationwide £175 bonus eligibility rules explained

Some banking customers will get a free £175 but conditions apply

All you need to know as Nationwide outlines conditions for £175 switching bonus:

• Nationwide has detailed the full conditions customers must meet to receive a £175 switching bonus from the building society.
• To qualify for the payment, applicants must transfer their account from another provider - excluding Virgin Money - to either a new or existing FlexDirect, FlexAccount or FlexPlus account with Nationwide. Customers must also transfer two active Direct Debits and complete a full switch using the Current Account Switch Service.
• The transfer must be finalised within 28 days, and customers then have 31 days to deposit £1,000 and make a card purchase. "Terms and conditions apply," reports the Express.
• Nationwide confirmed it will credit the £175 switching bonus within 10 days of all criteria being met. This must be the first time customers have received a Nationwide switch offer on an eligible sole or joint account.
• The £1,000 deposit can be made in instalments or as a lump sum but cannot come from funds already in the account, Visa credits, or another Nationwide account. Most shop or online transactions qualify as card payments, though gambling payments and money orders are excluded.
• The building society stated it may end, change or replace this offer at any time.
• READ THE FULL STORY: Nationwide shares criteria for its £175 bonuses