Nationwide ups its bank account switching offer to £200


Nationwide ups its bank account switching offer to a market-leading £200 – and even existing members can benefit: Here’s what you need to know

  • Lloyds Bank, RBS, NatWest also offering cash bribes of £150-£170 to switchers
  • Nationwide offer available on its FlexPlus, FlexDirect and FlexAccount 
  • It is also possible for existing members with bank accounts elsewhere to benefit

Nationwide Building Society is now paying £200 to bank account customers who switch their account to it – the highest cash bribe on the market. 

There are now four bank account providers offering cash freebies to entice people to join. NatWest and RBS are offering a £175 freebie, whilst Lloyds Bank is offering £150. 

To qualify for the Nationwide incentive, customers must complete a full switch using the Current Account Switch Service and a minimum of two active direct debits must be transferred to the new account. 

Existing members can also switch a current account they hold with another provider to an existing account they hold with the Society via the Internet Bank.

The offer is available for all three of Natiownide’s main current accounts; the £13 a month FlexPlus account including worldwide travel, mobile phone and European breakdown cover.

The free FlexDirect account, which offers 5 cent in-credit interest on balances up to £1,500 and an interest-free overdraft for the first 12 months.

Or the FlexAccount, an everyday bank account where members can bank online and in branch for no fee.

The new account can be opened on Nationwide’s website or via the internet bank or mobile banking app. 

Existing members can also switch a current account they hold with another provider to an existing account they hold with the Society via the Internet Bank.

This means it is still possible for existing Nationwide bank account holders to benefit as long as they have another bank account elsewhere.

It’s worth noting that someone won’t be eligible if they have switched from one Nationwide account to another or if they have benefitted under any previous current account online switch offer since 18 August 2021.

The switch must be completed within 60 days of it being requested.

Tom Riley, director of banking and savings at Nationwide Building Society, said: ‘With the rising cost of living, many people are reviewing their financial products to ensure they continue to offer good value. 

‘Nationwide is now offering a market-leading £200 to new and existing members who switch their current account to the Society.

‘Switching accounts has never been easier as we will transfer any existing balances and payments from the previous account using the Current Account Switch Service.’

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