Nationwide has relaunched its popular bank account switching bonus, along with a raft of other perks.
Britain’s biggest builidng society is offering a £175 bonus to those who switch using the Current Account Switching Service and if criteria is met, the cash will be paid within 10 days.
New FlexDirect customers will also receive 1 per cent cashback on debit card spending.
New perks: Nationwide has announced a £175 switching bonus and 1% cashback deal for new customers
The mutual also announced from November it will launch a £50 interest-free buffer for customers who need to dip into their overdrafts with any of its current accounts.
It is the latest move in a drive to get customers to open current accounts after Nationwide announced another £100 Fairer Share payment for customers who had a qualifying current account and either £100 in a Nationwide Savings account or £100 left on a mortgage.
Previously when it has offered this switching bonus, it has seen a record number of people switch account.
The £175 switching bonus
To get the cash bonus, customers need to complete a full switch to a Nationwide FlexPlus, FlexDirect or FlexAccount through the Current Account Switch Service.
The new account must be opened via Nationwide’s website, internet bank or mobile banking app. The switch must be requested as part of the application.
At least two active direct debits must be transferred to the new account as part of the switch. Customers also need to deposit £1,000 in the account and make one debit card payment within 31 days.
The switching incentive is available to new customers who open an account on or after 25 September 2024.
If a customer opened a sole or joint account after 18 August 2021 and qualified for the previous incentive, they would not qualify if they opened the same type of account – either sole or joint – again.
However, if they previously opened a sole account and now open a joint account they would be eligible for the deal and vice versa.
Existing customers can also switch a current account they hold with another provider to an existing account they hold directly through Nationwide’s internet banking. The switch must be completed within 28 days of it being requested.
The £175 bonus makes the FlexDirect account even more attractive as it pays 5 per cent on balances up to £1,500 for the first 12 months and it is now offering 1 per cent cashback on debit card spending (more on this below).
But from 1 December the fee on the FlexPlus account will increase by £5 a month, rising to £18 a month from £13 a month.
It marks the return of bank switching bonuses to the market after they disappeared from the market. Earlier this month, challenger bank First Direct also launched a £175 switching bonus.
FlexDirect 1% cashback on debit card spending
Nationwide has launched a 1 per cent cashback deal on debit card spending with the FlexDirect account for the first 12 months of having the account.
The cashback is only available to new FlexDirect customers who have not already received a Nationwide switching incentive.
Existing FlexDirect current account customers will not earn 1 per cent cashback on debit card spending.
The cashback is capped at £5 a month and is not payable on ATM withdrawals.
Digital Bank Chase Bank also offers 1 per cent cashback on debit card spending. It is capped at £15 a month and requires a minimum pay in of £1,500 a month to earn the cashback on purchases.
There will be no change for existing FlexDirect customers already benefiting from an existing offer.
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