Nationwide Offers £125 Cash for Current Account Switchers

Discover a new way to bank with Nationwide’s exciting current account switching incentive. If you’re looking to switch accounts and be rewarded with a cash sum, this is for you!

How Much Will Customers Be Rewarded For Switching Current Accounts to Nationwide?

As of August 18th 2021, Nationwide are launching a new current account switching incentive; that will reward both new and existing customers with free cash!

As an existing customer, you will gain a higher amount of cash due to continued loyalty compared to new customers opening a current account.

Existing customers will receive the full £125 if they switch their existing account or open an additional account.

The lower amount of £100 is directed towards new customers who don’t already hold a qualifying account.

If you’re a mortgage borrower or you hold a savings account with Nationwide, you’re still eligible for the free reward on the grounds that you open one of the three current accounts, FlexPlus, FlexDirect or FlexAccount.

It doesn’t stop there, Nationwide are also offering existing current account holders an opportunity to save with the launch of ‘Flex Instant Saver’.

Specifically aimed towards this group of customers, it pays a competitive interest rate of 0.35% AER. The account then reverts to an instant account after 12 months.

How Do I Switch To A Current Account at Nationwide?

For new customers, switches must be made using the Current Account Switch Service (CASS) and a minimum of two active direct debits must be set up on the new account.

Existing customers will be required to use Nationwide’s Internet Bank or mobile banking app to switch a current account.

The switch will take 7 days minimum however Nationwide requires the switch to be completed within 30 days of the request.

What Rewards Are Other Banks Offering for Switching Current Accounts?

You’ll find similar rewards from other banks in an attempt to pull customers their way.

If you’re looking to open a new current account with HSBC, they are offering a £140 reward as a new way to attract customers, although this offer only lasts until Thursday 19th August 2021.

Virgin Money is providing new customers with a £150 Virgin Experience Days gift card to choose from thousands of experiences from sky diving to short breaks.

Tom Riley, director of banking and savings at Nationwide Building Society, said:

“As a mutual, we always look to reward our members’ loyalty with exclusive products and services.

This is why our new switching incentive offers a higher level of reward for existing members compared to those who are new to the Society.

We believe our mutual difference is the reason that the Society continues to be one of the main winners of the Current Account Switch Service as people look for a provider that will not only offer a compelling account, but also one that has a strong focus on rewarding member loyalty.”

Why Should You Care?

Nationwide’s switch offer is the first promotion they’ve launched since pre-pandemic days. This cash incentive not only sets out to lure new customers to the building society but sets out to recognise the loyalty of their existing customers.