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Nationwide launches £125 switching offer

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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.”

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