Nationwide launches switch offer worth £175

Nationwide has just launched a brand new switch offer worth £175. Customers who switch a non-Nationwide account via the Current Account Switch Service could be eligible for the switching bonus. The offer is open to new and existing customers, meaning that if you have an eligible Nationwide account, you can switch an account with another provider to Nationwide.

In addition to the switching incentive, current account holders can benefit from a new £50 interest-free buffer which removes charges for those who dip into their overdraft by up to £50. The £50 interest-free buffer will launch in November and will apply to all Nationwide customers with a FlexAccount, FlexDirect, or FlexPlus current account.

Those who choose the FlexDirect account can earn 1% cash back on their debit card spend (capped at £5 per month) and 5% AER on balances up to £1,500 for the first 12 months.

Tom Riley, Director of Retail at Nationwide Building Society, said: “We want to give people every reason to join Nationwide. Our new incentives are the latest demonstration of how we are making banking more rewarding for customers. We believe this shows the difference of being part of a modern mutual, which reinvests its profits for the benefit of members and customers, not shareholders.”

How to qualify for the Nationwide switching offer

To qualify for the Nationwide Switching offer, you should either:

• Open an eligible Nationwide account via the website or banking app and request a switch - Eligible Nationwide accounts include the FlexAccount, FlexPlus, or FlexDirect current account.

OR

• Use Nationwide's Internet Banking to switch an account you hold with a different provider to your existing Nationwide account - This can be a FlexAccount, FlexPlus or FlexDirect account.

As part of the switch, which must be completed via the Current Account Switch Service, you need to transfer at least two active Direct Debits. You must also do the following within 31 days of requesting the switch:

• Pay at least £1,000 into your Nationwide account - The balance of the current account you're switching from will count towards this total.
• Make at least one payment using your Nationwide account - This includes contactless payments, as well as Apple Pay, Google Pay and Samsung Pay.

The switch itself must be completed within 28 days via the Current Account Switch Service and it must be a full switch which means that your old bank account will close when the transfer completes.

Who is eligible?

Existing and new customers are eligible for this offer. To apply for a Nationwide account, you need to:

• Be aged 18 years or above
• Be a UK resident
• Agree to use the account for personal use only
• Have no more than 4 existing sole or joint Nationwide current accounts

However, you will not be eligible if you have benefitted from a switch incentive by switching to a Nationwide account since August 2021. Also, you will not be eligible if you were in the process of applying for an eligible account and requested a switch before this offer went live (i.e. before September 25, 2024).

However, if you are eligible and have completed all the steps required to benefit from the incentive, you will receive £175 into your new account within 10 days of all the requirements being met.

Nationwide FlexPlus vs FlexDirect vs FlexAccount

There are three eligible Nationwide accounts that you can choose to switch to as part of this offer. These include the FlexPlus, FlexDirect and FlexAccount. In the table below, we outline the key features to help you decide which one is right for you.

	FlexPlus	FlexDirect	FlexAccount
Monthly fee	£13	None	None
Access to Flex Regular Saver 6.50% AER) and Flex Instant Saver (3.25% AER)	YES	YES	YES
5% AER on balances up to £1,500 for the first 12 months	YES	YES	NO
1% monthly cashback on eligible debit card purchases (up to £5 a month) for the first 12 months	YES	YES	NO
Worldwide travel insurance for the whole family	YES	NO	NO
Mobile phone insurance for the whole family	YES	NO	NO
Vehicle breakdown cover in the UK and Europe	YES	NO	NO
No fees for using your card abroad	YES	NO	NO

The best switching offers and incentives on the market right now

If the Nationwide switch offer isn't quite right for you, you can check out the best switch offer and incentives on the market right now in our round-up. There aren't many switch offers available currently, but it's worth bookmarking the article and keeping an eye on it as we update it frequently when new deals come up.