Nationwide is offering a £175 welcome bonus to new customers in time for Christmas. Bank switching has become a competitive market, with banks and building societies providing cash incentives to attract customers from their competitors.

Despite research indicating that most people have had their bank account longer than their relationship duration, those willing to switch to Nationwide can receive an immediate £175 payment. To be eligible for this offer, you need to switch a non-Nationwide account with at least two active direct debits. For the latest court reports, sign up to our crime newsletter here

The non-Nationwide account will be closed as part of the automatic bank transfer service and the switch must be completed within 28 days. A deposit of £1,000 must be made into the account within 31 days, and at least one purchase must be made using your debit card.

The £175 will then be deposited directly into your bank account, free to spend as you wish. Nationwide stated: “You can get £175 by switching to a FlexPlus, FlexDirect or FlexAccount.”

They added: “If you already have one of these bank accounts, you can still switch over your non-Nationwide bank account and get £175 if you log in to our internet bank. You’ll still need to meet the other qualifying criteria for the offer”, reports the Express.

FlexDirect and FlexAccount both come with no monthly fee, with Flex Direct also providing a linked 1 percent cashback on daily spending and a 5 percent interest savings account.

On the other hand, FlexPlus comes with a £13 monthly fee, which will rise to £18 from December. Despite this, it includes worldwide travel insurance, phone insurance, and UK and EU breakdown cover, which could make it more cost-effective if you require these services and can cancel them elsewhere.

For those who already have a Nationwide account and are ineligible for this offer, Lloyds, Santander, Co-op, and Natwest are all offering bank switching bonuses ranging from £75 to £200 this month.