By James Rodger
Copyright birminghammail
Lloyds, Barclays, Natwest, Co-op and First Direct customers are being handed free £175 payments. Five high street banks now have payments on offer to try and encourage customers to switch their custom. Alastair Douglas, CEO of finance firm TotallyMoney, said of the latest offer, which has been launched by Nationwide: “Getting the bonus is easy – you’ll just need to use the current account switch service, move over two direct debits, pay in at least £1,000, and make one debit card payment within the first 31 days. “It’s worth remembering that the switching process is easy, with your balance, regular income, outgoing payments and saved payees all being automatically transferred within seven days.” READ MORE Major update over calls for new 11pm to 9.30am bus travel rule in England Customers being savvy and opening all five accounts stand to gain £875. “Before you apply, do your research and compare the other offers on the market,” Mr Douglas said. “Co-Op, First Direct, Lloyds, and NatWest are all paying £175 or more for customers to move their money, and you might find that one of them better suits your needs. “Benefits might include local branches, better service, improved savings rates, and other perks. Just remember that loyalty doesn’t pay, but moving banks can.” Tom Riley, the director of Group Retail Products at Nationwide Building Society, said: “It’s never been more rewarding to be a Nationwide member and that’s why we want to help more people benefit by offering this switching offer!” To qualify for the incentive, customers must complete a full switch using the Current Account Switch Service and not have benefitted previously from a Nationwide switching offer. Customers can switch to one of the Society’s three main current accounts. The new Switching Incentive is available on applications started on or after 18 September 2025. Customers who open a FlexDirect account and haven’t benefitted from a previous FlexDirect incentive will also receive one per cent cashback (capped at £5 per month) for the first 12 months on debit card spend.
