Nationwide is paying £175 if you move your existing current account to a FlexDirect, FlexPlus or FlexAccount – but the deadline for this incentive is March 31
Nationwide is pulling its £175 switch offer at the end of this month.
To qualify for the switch cash, you must move your existing current account to a FlexDirect, FlexPlus or FlexAccount. You have to transfer across two active direct debits and deposit £1,000 and make one debit card payment within 31 days of opening the account.
Existing customers can switch a bank current account they hold with another provider to an existing account they hold with Nationwide. You won’t be eligible if you have switched into a Nationwide account, or have received switch cash from Nationwide, since August 18, 2021.
You can complete your switch using the free Current Account Switch Service (CASS) which will automatically move across your direct debits and standing orders. But to get the switch cash from Nationwide, you need to act before March 31.
The FlexDirect pays 5% AER interest on current account balances up to £1,500 for a year, plus it also offers 1% cashback for 12 months on up to £5 each month when you pay in at least £1,000 a month. There is no fee for this account. The FlexAccount is a more basic bank account and it doesn’t come with these perks. FlexPlus is a packaged account that includes travel and mobile phone insurance and breakdown cover but this comes with an £18 monthly fee.
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 We would encourage anyone looking to switch their account to do so now to benefit from the offer as it will be withdrawn later this month.”
First Direct is also paying customers £175 if they switch their everyday banking to its current account. With First Direct, you must pay at least £1,000 and open two Direct Debits or standing orders from the account within 45 days of opening it. You must also register and log onto digital banking, within 45 days of the account opening and spend on your debit card five times.
Lloyds Bank is paying £175 as well, if you switch to a Club Lloyds account between February 13 and March 28. As well as opening the new bank account, you need to transfer across two direct debits. On top of the switch cash, Club Lloyds customers can also choose from a range of other perks, including a Disney+ subscription, Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership. Club Lloyds account comes with a £3 fee, unless you pay in at least £2,000 a month.
Co-Op Bank will pay £75 when you move over to them, with the remainder of the cash coming when you “stay”. When you’ve successfully switched, you will then receive a payment of £25 a month for the next three months – giving you £150 overall.
