Nationwide’s current account switching incentive, which has proven popular with switchers according to the latest Current Account Switch Service report, will be withdrawn just before midnight on March 31. The bank is offering £175 to anyone who switches their current account to Nationwide from another provider.
Alastair Douglas, chief executive of TotallyMoney, said savers have just hours to act: “It might be worth checking to see if you’re eligible, especially if you’re not happy with your existing bank. To qualify, you’ll need to move banks using the Current Account Switch Service online, transferring two Direct Debits, deposit at least £1,000, and use your new debit card to buy something.”
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 We would encourage anyone looking to switch their account to do so now to benefit from the offer, as it will be withdrawn later this month.”
Switchers have three accounts to choose from: the FlexDirect and FlexAccount, or the FlexPlus which carries an £18 monthly fee. Each comes with different perks, including £50 interest-free overdrafts, travel and mobile phone insurance, and 5% AER on savings up to £1,500 for the first 12 months.
Douglas urged savers to do their research first. He said: “You might find there’s another bank which is better suited to your own personal needs. First Direct, Lloyds, and NatWest are also offering incentives of up to £175, while others might provide better service, savings rates, or perks. Just remember that loyalty doesn’t pay, but moving banks can.”
Aaron Peake, personal finance expert at CredAbility added: “Nationwide ranks in the top five for customer satisfaction, and they’ve promised to not shut any branches until 2028 — so it could be a good option if you need in-person service.
“Just remember that if you’re applying for an overdraft, the bank will run a credit check on you, so it’s important to look at your report beforehand to make sure that everything is correct and up to date. That way, you can put yourself in the best position to avoid rejection.”
A new account must be opened via Nationwide’s website, internet bank or mobile banking app, and the switch must be requested as part of the application.
Existing customers can also switch a current account they hold with another provider to an existing account they hold with Nationwide via the internet bank, the switch must be completed within 28 days of it being requested.
Customers can switch to one of the society’s three main current accounts:
FlexPlus includes worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £18 per month.
FlexDirect is an online account paying 5% AER credit interest and offering 1% cashback on debit card spend.
FlexAccount is an everyday bank account where customers can bank online and in a branch for no fee.
