Nationwide’s £175 cash incentive is currently market-leading – although First Direct and Lloyds will also pay you £175 to switch.
Nationwide said the incentive “had [proved] popular with switchers”, with the latest Current Account Switch Service (CASS) report showing Nationwide as having the highest net switching gains of all providers.
To take advantage of the switching incentive, current account customers have just a few weeks to act. To get the money, you’ll need to use CASS and switch to a FlexPlus, FlexDirect or FlexAccount with Nationwide.
FlexPlus is a packaged account that costs £18 per month. It offers benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free card use abroad.
FlexDirect is a fee-free online account paying 5% AER credit interest and offering 1% cashback on debit card spending. FlexAccount is an everyday bank account and is also fee-free.
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If you already have one of these bank accounts, you can still switch over your non-Nationwide bank account and get £175 if you log in to Nationwide online banking.
To get the £175, customers will need to transfer a minimum of two active direct debits to the new account and close their non-Nationwide bank account as part of the switch.
The switch must be completed within 28 days. Within 31 days of requesting the switch, customers will need to pay at least £1,000 into the account and make at least one debit card transaction to get the cash.
Tom Riley, director of retail at Nationwide Building Society, said: “Our switching incentive is a demonstration of how we are making banking more rewarding for customers. We would encourage anyone looking to switch their account to do so now to benefit from the offer, as it will be withdrawn later this month.”
