By Linda Howard

Copyright dailyrecord

There has been a flurry of current account switching deals dropping this month from five big high street names including Nationwide, NatWest and Lloyds. The latest is from Nationwide and offers an impressive £175 free cash to new customers who shift their daily banking to the building society. It has also confirmed it will continue to offer one per cent cashback on debit card spending for those with a FlexDirect current account, offering a top-of-market interest rate of 5 per cent AER. Last year, Nationwide returned over £1 billion to eligible members through its £100 Fairer Share Payment and Big Nationwide Thank You payment, while this year it paid over £400m through Fairer Share. Nationwide, which has placed first for customer service for 13 years, has seen a net 1.03m customers join it since the Current Account Switch Service (CASS) launched in 2013 – close to four times that of its nearest rival. Tom Riley, 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 CASS and not have benefitted previously from a Nationwide switching offer. Customers can switch to one of the Society’s three main current accounts listed below – they can do this via the Nationwide website, Internet Bank, Mobile Banking App, telephone or branch. Customers who open a FlexDirect account and haven’t benefited 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 alongside receiving 5 per cent AER credit interest on balances up to £1,500 for the first 12 months. Commenting on the latest offer, Alastair Douglas, CEO at TotallyMoney , said: “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.” He added: “Before you apply, do your research and compare the other offers on the market. 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.” Commenting on the switching offers, Kate Steere, money expert at the personal finance site Finder , said: “If you’re looking at the biggest cash payment, Lloyds is currently offering a market-leading £200 when you switch to one of its Club Lloyds or Lloyds Premier accounts. “However, the best deal on the market right now is actually Nationwide’s £175 offer because it will get you the most over the course of the year. If you opt for the FlexDirect account, you get 5 per cent AER on balances up to £1,500 for 12 months. “If you keep that in your account for the full year, you could earn up to £75 in interest. You also get up to £60 cashback on debit card purchases for 12 months and access to the Flex Regular Saver at 6.50 per cent AER. “If you save the maximum of £200 every month, you’ll earn £84.50 in interest in a year. That’s a chunky £394.50 in your first year, including switching bonus, maximum savings interest and cashback.”