Nationwide is offering the payment to those who switch their current account to its FlexAccount, FlexDirect or FlexPlus account – see below for full eligibility
Nationwide is launching a new £175 bank account switch offer from today.
The building society is offering the payment to those who switch their current account to its FlexAccount, FlexDirect or FlexPlus account. You can see how the accounts compare below. To qualify, you must complete a full switch using the free Current Account Switch Service and transfer a minimum of two active Direct Debits.
You must also deposit a minimum of £1,000 and make one debit card payment within 31 days. Customers who are already with Nationwide can also switch a current account they hold with another provider to their existing Nationwide account. Nationwide will also pay 1% cashback on debit card spending, capped at £5 a month for 12 months, for those with a FlexDirect current account. It will also introduce a £50 interest free overdraft buffer.
Tom Riley, Director of Retail at Nationwide Building Society, said: “We want to give people every reason to join Nationwide. Our new incentives are the latest demonstration of how we are making banking more rewarding for customers. We believe this shows the difference of being part of a modern mutual, which reinvests it profits for the benefit of members and customers, not shareholders.”
Nationwide Flex accounts compared
- FlexDirect: An online account paying 5% AER credit interest and offering 1% cashback on debit card spend. There is no fee for this account.
- FlexAccount: Everyday bank account where customers can bank online and in branch for no fee. There is no fee for this account.
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FlexPlus: Packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad. This comes with a £13 monthly fee.
Other bank switch offers
Only one other bank is currently offering a switch incentive. First Direct is also giving new customers £175 if they switch their everyday banking to its current account. With First Direct, you must pay at least £1,000 and open two Direct Debits or standing orders from the account within 45 days of opening it.
You must also register and log onto digital banking, within 45 days of the account opening and spend on your debit card five times. After the criteria has been met, you can expect to receive the bonus by the 20th of the following month.
You must be a “new” customer of First Direct to get this cash – this means you must not have had a bank account with them, or opened an HSBC current account on or after January 1, 2018. Although customers may hold an HSBC current account and still qualify for the offer, as long as the current account was opened before this date.