Nationwide and Co-op Bank Offer Up to £175 in Switch Bonuses: Here’s How

Two new bank deals are offering a chance to earn up to £175 simply by switching accounts. Money Saving Expert (MSE), founded by financial expert Martin Lewis, has outlined how you can get this free cash before the holidays.

Nationwide FlexDirect Account Offer

Nationwide is currently offering £175 to those who switch to its FlexDirect account. Along with the cash bonus, Martin Lewis highlighted additional perks:

• 5% AER interest on balances up to £1,500 for the first year (equivalent to £75 if fully utilised).
• 1% cashback on spending for 12 months, up to £5 per month.

However, these perks are only available with the FlexDirect account. You can still receive the £175 by switching to Nationwide’s FlexPlus or FlexAccount, but they don't offer the interest or cashback benefits. To qualify, you must not have switched to a Nationwide account or received a bonus from them since August 18, 2021.

How to claim the £175:

1. Open a new account online or via the app. If switching into an existing account, you won't receive the interest or cashback perks.
2. Transfer an account from another bank, including at least two direct debits, within 28 days.
3. Deposit £1,000 within 31 days of the switch and make at least one debit card payment.
4. The £175 will be paid within 10 days of meeting all conditions.

Co-op Bank £150 Deal

The Co-op Bank is also offering a £150 bonus for new customers who switch and stay for at least three months. This includes an initial £75 switch bonus, followed by £25 a month for the next three months.

How to Get the Initial £75 Bonus:

1. Open a new account and request to switch within two weeks.
2. Complete the full switch process within eight weeks.
3. Within 30 days of the switch, deposit £1,000, set up two direct debits, register for digital banking, add the debit card to a digital wallet, and make at least 10 debit card transactions.
4. The £75 will be paid within seven days once these requirements are met.

How to Earn the Additional £25 Per Month:

1. After qualifying for the £75 bonus, you can receive £25 per month for three months if you:
   • Deposit £1,000 or more.
   • Make at least 10 debit card transactions.
   • Maintain two active direct debits at the end of each month.

Each £25 payment is made within seven days after each qualifying month. Importantly, if you miss a month, you can still qualify for bonuses in the following months.

Both deals are great ways to earn extra cash for the holidays, but they do require careful attention to the terms and conditions.