Nationwide is pulling its market-leading £175 switching bonus at the end of March, after gaining the most current account customers out of any bank or building society.
The bonus is currently the biggest switching offer for customers moving their current account, along with Lloyds Bank and First Direct, which also pay £175.
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From July to September 2024 – the latest figures available – Nationwide had the highest net switching gains with 22,622, followed by Barclays (18,053) and TSB (12,282).
The building society says its £175 bonus is an example of how it “invests profit for the benefit of members”. Last year Nationwide returned £385 million to eligible members through a £100 Fairer Share payment.
It has made the payment for two years in a row, and intends to make another Fairer Share payment again this year, “providing it would not be detrimental to the society’s financial strength and subject to board approval”.
Nationwide, which is the world's largest building society with more than 17 million customers, has offered its £175 switching bonus since last September. Prior to that, it offered a more generous £200 switching perk.
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 We would encourage anyone looking to switch their account to do so now to benefit from the offer as it will be withdrawn later this month.”
How to qualify for Nationwide’s £175 switching bonus
The £175 switching perk will be withdrawn at 23:59pm on Monday, 31 March, so you’ll need to be quick if you want to grab it.
The Nationwide bonus differs to other switching incentives because it is open to both new and existing customers. To qualify, you must complete a full switch using the Current Account Switch Service. A full switch means that the old account is closed and all payments are transferred to the new account.
A minimum of two active Direct Debits must be moved to the new account as part of the switch. Customers must also deposit £1,000 and make one debit card payment within 31 days.
Note that cash withdrawals, gambling or cryptocurrency transactions and mortgage payments do not qualify as eligible debit card transactions.
Also, the £1,000 credit cannot come from another Nationwide account or credit card.
The new current account must be opened via Nationwide’s website, internet bank or mobile banking app. The switch must be requested as part of the application. If you’re a Nationwide customer, you can switch a current account you have with another provider to an existing account you hold with Nationwide. The switch must be completed within 28 days of it being requested.
Customers can switch to one of Nationwide’s three main current accounts:
- FlexPlus: a packaged account with worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £18 a month
- FlexDirect: a fee-free online account paying 5% AER credit interest and 1% cashback on debit card spend for the first 12 months
- FlexAccount: a fee-free bank account where customers can bank online and in branch
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