Nationwide is offering a top savings account with a catch (Image: Getty)
Nationwide bank is offering £175 cash payments to customers ditching and switching their bank account and will give you a top rate on savings too – but there’s a limit.
The building society is offering a range of benefits for customers who transfer their current account from another brand, such as Halifax, , or Santander – over to FlexDirect account.
Not only will it pay switchers £175 cash up front, but those making their way from another bank will also be given the chance to open a linked 6.5 percent savings accounts, which is one of the best rates on the market right now and far higher than most easy access savings rates.
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The only catch is that there’s a £2,400 limit on the amount of money you can deposit in a single year. Any more than that, and you’ll have to use another account with a lower rate or find a different bank for the rest of your spare cash to grow.
That’s because the 6.5 percent regular saver has a £200 per month deposit limit, meaning you can’t deposit more than £2,400 in a single year.
Still, if you max out this account, you’ll earn another £85 in a year to add to the £175 cash bonus, for a total gain of a very handy £160 just for changing bank and making regular savings.
Nationwide also offers 0 percent overdraft up to £50 on its account.
To be eligible, you need to open the account online, switching from a different bank and make sure you have two direct debits as well as pay in £1,000 and make one purchase on your debit card within a month, and then you’ll get the £175 within ten days of meeting the criteria.
You also cannot make more than four withdrawals in a year or your rate could be cut.
Nationwide said: “Our self-service account that pays you to bank with us.
“Get interest on your money and, for the first 12 months, cashback on debit card purchases.
“Is a Flex Regular Saver right for you?
“Designed for Savers who want to save up to £200 a month
“Your rate depends on how many times you take money out in the 12 month term. After you take money out 4 times, the lower rate applies for the rest of the term.”