Nationwide has announced it will be handing out £175 cash incentives (Image: Nathan Stirk, Getty Images)

Nationwide has announced it will be handing out £175 cash incentives to members who carry out particular actions and fulfil certain requirements. To qualify for the payment, customers must transfer their account from a different bank to either a new or existing FlexDirect, FlexAccount or FlexPlus account held with Nationwide.

Those applying will also be required to move two active Direct Debits from their old account and complete a full switch via the Current Account Switch Service [CASS]. The whole procedure, which includes shutting down the previous account, must be concluded within 28 days.

After submitting the application, customers are required to deposit at least £1,000 and

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