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Nationwide is paying out free £175 cash incentives for customers to switch accounts - but there are strict rules which must be obeyed for account holders to see the money.

Nationwide will pay out a £175 switching offer for customers from this week, after launching the scheme to try and win custom. Customers are told they can switch a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount or FlexPlus.

Your old account must have at least 2 Direct Debits to move over, though. And you must a full switch using the Current Account Switch Service. A full switch includes closing your old account, Nationwide has explained in its terms and conditions, or T&Cs.

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