NATIONWIDE has introduced a major change that could help customers get up to £120 a year in free cash.
The building society has boosted its cashback offer on its fee-free FlexDirect current account.
Customers can now get £5 cashback each month when they spend at least £300 on direct debits, which can include utility bills or subscriptions.
They can get another £5 a month if they spend at least £500 on their debit card each month.
In total, that adds up to £120 in cashback per year.
Nationwide says this is double the amount spenders previously received.
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You’ll only need to do at least £800 a month of spending to get the cashback, which you can manage even if you’re on minimum wage given that bills are included.
The FlexDirect account offers plenty of other perks, too.
If you aren’t already with Nationwide and open an account, you’ll receive a £175 switching bonus.
You’ll need to complete a full switch and move across at least two direct debits, as well as paying in at least £1,000.
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You also need to make at least one eligible debit card payment within 31 days of the account opening.
Plus, you could earn an extra £100 each year through the Fairer Share scheme.
The free cash is paid out to account holders each year, as long as they meet certain criteria.
You’ll need to have a qualifying current account, as well as a savings account or mortgage with Nationwide.
Eligible current accounts include FlexPlus, One, Student, Graduate, Account, Direct and Basic but each have additional requirements.
To apply for a FlexDirect current account, you must be 18 or over and a UK resident, and pay in at least £1,500 per month.
If you added up all these perks together, you would earn £395 across the year.
The account also pays an introductory rate of 5% fixed interest for the first 12 months on balances of up to £1,500.