Nationwide is giving a free cash boost of £175 to customers who switch to an eligible bank account. The cash comes as part of the bank’s latest switching offer which rewards customers who switch to a FlexDirect current account using the Current Account Switch Service. The account gives you 5% interest for the first 12 months up to £1,500, with those who keep that amount in their account the whole time able to earn up to £75 over a year.
Customers can also earn 1% monthly cashback (up to £5 a month) when spending on your debit card, giving you up to £60 cashback for 12 months. Those who are eligible for an arranged overdraft can also get the first £50 interest-free, and the account is fee-free, meaning you won’t be charged a monthly fee for maintaining it. As an added bonus, customers who open a FlexDirect account will also get an extra perk by gaining access to “exclusive” savings accounts.
Nationwide said: “Opening a FlexDirect is one way to become a member of Nationwide. Our current account members get access to exclusive savings accounts, like our Flex Regular Saver and Flex Instant Saver.”
To bag these perks, along with the £175 cash, customers must move over at least two Direct Debits as part of the switch and complete it within 28 days.
At least £1,000 must be paid into your Nationwide account you’ve switched into within 31 days of it opening and at least one payment must be made using your Nationwide debit card in the same period.
These payments can be contactless, or via Apply Pay, Google Pay, or Samsung Pay, and recurring payments also count. Gambling and crypto transactions don’t count as a qualifying payment, nor do money transfers or taking cash out.
This must also be the first time you’ve had a Nationwide current account switch offer since 2021 to be eligible for the £175 switching bonus.
If you meet all of the switching eligibility criteria, Nationwide will pay the free cash reward into your new account within 10 days of meeting all of the requirements.
The offer is only available for a limited time only, so customers looking to save some cash at the start of the new year should move quickly before the offer is withdrawn.
Nationwide added: “We’ll pay £175 into the Nationwide account that you’ve switched into. We’ll do this within 10 days of you meeting all the requirements. The account must be open when we make the payment.
“It will appear on your statement as ‘Switching Offer.’ If you’re switching into a joint account, you’ll only receive one £175 payment.
“We may end, change or replace this offer at any time. If we do this, and you’ve already requested a switch, you’ll still get this offer if you meet all the requirements.”
