Nationwide is offering customers a £175 cash bonus when they switch to an eligible current account and the deal also comes with extra member-only savings perks.
The switching reward applies to the Nationwide FlexDirect current account when customers move their banking over using the Current Account Switch Service. The payment is made as a single £175 lump sum once all eligibility rules are met.
The offer is available for a limited time, meaning customers hoping to start the new year with a cash boost are being encouraged to switch sooner rather than later.
What You Get With the FlexDirect Account
The FlexDirect account includes several introductory benefits during the first 12 months, including:
- 5% interest on balances up to £1,500
- worth up to £75 over a year if the full amount is kept in the account
- 1% cashback on debit card spending
- up to £5 a month (maximum £60 over 12 months)
- £50 interest-free arranged overdraft (subject to eligibility)
- No monthly account fee
On top of this, anyone who opens a FlexDirect account becomes a Nationwide member, giving them access to exclusive savings accounts such as:
- Flex Regular Saver
- Flex Instant Saver
Nationwide said current account members are the only customers eligible for these products.
How to Qualify for the £175 Switching Bonus
To receive the payment, customers must:
- switch to FlexDirect using the Current Account Switch Service
- move over at least two Direct Debits
- complete the switch within 28 days
- pay at least £1,000 into the account within 31 days of opening
- make at least one debit card payment in the same period
The bonus is only available if:
- this is your first Nationwide switch offer since 2021
If all the conditions are met, Nationwide will pay the £175:
- into the account you switched into
- within 10 days of qualifying
The account must still be open when payment is made. Joint accounts receive one £175 payment only.
The reward will appear on statements as “Switching Offer.”
Nationwide Warns Offer May Be Withdrawn
Nationwide says the switching deal may:
- be changed
- replaced
- or ended at any time
However, anyone who has already started a switch will still receive the bonus as long as they complete all eligibility steps.
The bank said:
“We’ll pay £175 into the Nationwide account you’ve switched into within 10 days of meeting the requirements. If we withdraw the offer after you’ve already requested a switch, you’ll still get the payment if you qualify.”