You are here: Home - Saving-Banking - News -

Nationwide launches £125 switching offer

Written by:
Nationwide is offering existing members who switch their current account from another provider a £125 cash bonus, while new customers will receive £100.

The switch incentive launches on 18 August alongside a new easy access savings account exclusively for current account customers.

The Flex Instant Saver will pay an introductory rate of 0.35 per cent for the first 12 months.

Customers can save up to £5m into the instant access account, with no limit on withdrawals.

To qualify for the switch incentive, switches must be made using the Current Account Switch Service and a minimum of two active direct debits must be set up on the new account.

Members must use Nationwide’s internet bank to switch a current account they hold with another provider to an existing account they already hold with the Society or open a new account to switch to using Nationwide’s website, internet bank or mobile banking app. The switch must be completed within 30 days of it being requested.

Nationwide has three main current accounts: FlexPlus, a packaged account, which comes with a £13 monthly fee; FlexDirect, an online account paying 2 per cent AER credit interest; and FlexAccount where members can bank online and in branch for no fee.

Tom Riley, director of banking and savings at Nationwide Building Society, said: “As a mutual we always look to reward our members’ loyalty with exclusive products and services. This is why our new switching incentive offers a higher level of reward for existing members compared to those who are new to the Society.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week