3 October: Nationwide Launches Top £200 Welcome Bonus For Current Account Switchers
Nationwide has stormed the current account switching market by offering a £200 windfall to switchers.
To receive the top cash incentive, customers must make a full switch to the provider’s FlexAccount, FlexDirect or FlexPlus current account from another provider – and move across at least two Direct Debits.
Nationwide, the UK’s largest building society, is one of several providers currently scrambling to attract new current account customers with sizable cash rewards for switching.
Santander, First Direct, Royal Bank of Scotland and Natwest are all offering new customers £175 to switch, while Lloyds is offering £150.
These represent the highest rewards any bank has paid new customers since March 2020, according to analysts Defaqto.
Tom Riley, director of banking and savings at Nationwide, said: “With the rising cost of living, many people are reviewing their financial products to ensure they continue to offer good value.
“Nationwide is now offering a market-leading £200 to new and existing members who switch their current account to the society.”
Two of Nationwide’s incentive-paying accounts — FlexAccount and FlexDirect — are free to operate. Eligible FlexDirect customers also receive an interest-free overdraft for the first 12 months.
FlexPlus is a packaged account that includes family travel insurance, mobile phone…
