Nationwide Set To Launch £125 Switching Offer | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 16/08/2021

Nationwide Building Society is set to launch a cashback incentive that will see customers earn up to £125 when they switch to one of its bank accounts from Wednesday.

Existing Nationwide customers can earn £125 when they switch to a new current account, meanwhile non-Nationwide customers can earn £100 by switching to eligible Nationwide accounts.

To qualify for the incentive*, non-Nationwide customers must switch using the Current Account Switch Service and a minimum of two active Direct Debits must be set up on the new account. Meanwhile, existing customers must use Nationwide’s Internet Bank to switch a current account they hold with another provider to an existing account they already hold with the building society or open a new account to switch to using the Nationwide’s website, internet bank or mobile banking app. The swich must be completed within 30 days of it being requested.

What accounts are eligible under the switching scheme?

Consumers can choose from Nationwide’s FlexAccount, FlexDirect and FlexPlus accounts to receive the cashback offer.

FlexAccount and it comes with an overdraft facility which charges 39.90% EAR. More information about FlexAccount account can be found here.

FlexDirect has two options – funded and non-funded. The funded option requires at least £1,000 to be deposited into the account each month and it has the benefit of offering 2% AER interest on balances of up to £1,500 for the first 12 months. The non-funded option does not require a minimum deposit each month, but no interest is offered on balances. Both options have an overdraft facility which charges a rate of 39.9% EAR. More information about the FlexDirect funded account can be found here and the non-funded account can be found here.

FlexPlus charges a fee of £13 per month but in return it offers a number of benefits including mobile phone insurance, vehicle breakdown cover and worldwide travel insurance. This account also offers an overdraft facility which charges 39.90% EAR. More information about the FlexPlus account can be found here.

Commenting on the launch of this latest switching offer 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. At the same time, we are also launching a new savings account which further rewards our current account members with a competitive rate of interest.

“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 reward member loyalty.”

What other switching offers are currently available?

For those looking to earn cashback or other rewards by switching bank accounts, Virgin Money current has a switching offer. Those switching to Virgin Money M Plus Account can receive a £150 Virgin Experience Days Gift Card when they meet the switching offer’s terms and conditions.

To find out more about switching bank accounts and the offers currently available visit our bank account switching offers page

* additional terms and conditions may apply.

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