Nationwide Building Society has boosted its popular FlexDirect current account, offering new customers the chance to pocket up to £295 in their opening 12 months.
The upgraded fee-free account combines a £175 switching incentive with doubled cashback rewards worth as much as £120 over the first year.
Britain’s biggest building society, already the country’s most-switched-to banking brand, is now rewarding new FlexDirect holders with £5 per month for spending at least £300 on direct debits and a further £5 per month for putting a minimum of £500 through their debit card. Each cashback stream can deliver up to £60 across the year.
To unlock the £175 switching bonus, customers must move their main current account to Nationwide through the Current Account Switch Service.
When the five per cent interest rate on balances up to £1,500 is factored in, the account’s total first-year value rises to as much as £370. That interest rate is fixed for the initial 12 months before dropping to one per cent variable.
Customers need to deposit at least £1,500 each month to qualify for both the cashback and interest benefits.
The direct debit cashback requires monthly spending of at least £300 on those payments, while the debit card element kicks in once holders spend a minimum of £500 per month on card transactions.
The maximum potential interest earned over the year amounts to £75, sitting alongside the £60 from each cashback stream and the £175 switching payment.
Customers need to deposit at least £1,500 each month to qualify for both the cashback and interest benefits
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GETTY / NATIONWIDEThe upgrade arrives as household budgets remain under pressure, with research indicating that 79 per cent of adults report their cost of living has risen.
Switching current accounts remains one of the most straightforward ways for consumers to gain extra value from their everyday banking.
Nationwide attracted 58,000 net new customers from rival banking brands in the most recent quarter, according to the latest Current Account Switch Service data.
Fred Powell, Head of Current Account at Nationwide Building Society, said: “We all have bills to pay and essentials to buy, so why not make your everyday current account work a bit harder for you?”
Nationwide members can also access the Flex Regular Saver, which pays 6.50 per cent AER variable
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GETTYRachel Springall, Finance Expert at Moneyfacts, said: “Households are no doubt looking for simple ways to make their money go further, so it is incredibly important to take time out to review all the financial products they have, including current accounts, which are often overlooked.”
Beyond FlexDirect, Nationwide members can also access the Flex Regular Saver, which pays 6.50 per cent AER variable.
Customers who save the full £2,400 allowance without making withdrawals would earn £84.50 in interest over the year.
The building society has also distributed a £100 Fairer Share payment annually since 2023 to eligible members
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NATIONWIDE BUILDING SOCIETYThe building society has also distributed a £100 Fairer Share payment annually since 2023 to eligible members holding a qualifying current account alongside a qualifying mortgage or savings product.
Ms Springall noted that when this payment is included, the FlexDirect account could deliver up to £470 in total first-year value.
To secure the switching incentive, new customers must complete a full switch to FlexDirect within 28 days of opening the account.
They must also transfer at least two direct debits, pay in a minimum of £1,000 and make one eligible debit card payment within 31 days.