The UK’s biggest building society has announced it is bringing back its huge account-switching deal. Nationwide has launched a £175 switch offer, with the sum set to be paid to customers switching through the Current Account Switch Service.
Customers who open one of three Nationwide accounts will be eligible to receive the cash within 10 days. Accounts must be opened through the Nationwide website, internet bank or mobile banking app, and the Current Account Switch Service must be requested as part of the application. Customers need to transfer at least two active direct debits to the new account, deposit £1,000 in the account, and make one debit card payment within 31 days. The three accounts include FlexPlus, a market-leading packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover, and commission-free usage abroad for £18 per month.
Others are FlexDirect, an online account that pays 5% AER credit interest and offers 1% cashback on debit card spending. Another is the FlexAccount, an everyday bank account where customers can bank online and in branch for no fee.
FlexDirect offers 1% cashback and 5% AER interest in addition to other benefits customers have received, including leading service and the £100 Fairer Share Payment.
It has also confirmed it will continue to offer 1% cashback on debit card spending for those with a FlexDirect current account, offering a top-of-market interest rate of 5% AER.
Last year, Nationwide returned over £1 billion to eligible members through its £100 Fairer Share Payment and Big Nationwide Thank You payment, while this year it paid over £400 million through Fairer Share.
Tom Riley, Director of Group Retail Products at Nationwide Building Society, said: “It’s never been more rewarding to be a Nationwide member, and that’s why we want to help more people benefit by offering this switching offer!”
First Direct also offers customers £175 to switch to one of their accounts, plus a £25 Amazon voucher, fee-free overseas spending, and a £250 0% overdraft for many.
Club Lloyds offers a free £200, plus a reward: 12 months’ Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.
