Nationwide will pay customers £175 in time for Christmas

Households have been told they can get free money from banking giant Nationwide. It has confirmed it will pay out £175 to new customers who sign up to its FlexDirect account.

Finance experts say switching bank accounts could be an easy way to make some extra cash in the run-up to Christmas. The Nationwide offer has been highlighted by Martin Lewis' Money Saving Expert (MSE).

There is no minimum amount that must be paid into the account immediately but there must be £1,000 in within 31 days of requesting the switch. Two direct debits will also need to be moved over. MSE said the money should be paid out by mid-December for those who begin the process now.

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It's one of a number of bank-switching offers currently on the market from the high street banks. MSE said of the Nationwide deal: "Another strong service contender here, and it gives you 5% fixed interest for 12 months on current account balances, but only on up to £1,500. The debit card cashback looks good.

"It has a linked 6.5% AER variable regular saver you can put £200/month in for one year (max it out for £85 interest). To get the free cash: Switch 2+ direct debits across, then pay in £1,000+ and spend once on the debit card within 31 days of requesting the switch."

Money experts are encouraging people looking to make a bit of extra cash to research the deals currently on the market, as there is easy money to be made from moving accounts.