Opening a new bank account could get you cash in time for Christmas if you're quick.
High street building society Nationwide is paying new customers £200 just to move your bank account, the best switching deal on the market at the moment, according to Martin Lewis.
To get the £200, you will need to sign up for a Nationwide current account using the Current Account Switching Service, and once successful, you'll get the cash within 10 days.
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The current account switch service was introduced in 2013, and allows customers to change accounts in a much more streamlined way than was possible before its introduction. More than eight million current accounts in the UK have been switched using the service, which closes your old account, opens your new one, moves the balance over and switches payments within seven working days.
The £200 offer is available on all three Nationwide current accounts:
FlexAccount: Everyday current account with no monthly fee.
FlexDirect: Online account which pays interest for the first 12 months
FlexPlus: Includes travel and breakdown cover for a £13 per month fee
To qualify for the cash, you must fully switch your account to Nationwide, which includes a minimum of two active direct debits, and at least £1,000 to be paid in every month. The new account can be opened on Nationwide’s website or via internet or mobile banking.
Other banks which are also offering decent switching bonuses are TSB, which will pay £180 for new Spend and Save current account and First Direct, which will pay £175 to people opening a 1st Account with the bank and using it as their main account. If you open the account and don't switch your direct debits and salary, you can still get £20.
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