03 Oct 2022

Nationwide launches a market-leading £200 current account switching incentive

  • £200 paid to current account customers who switch using the Current Account Switch Service
  • Rate on linked Flex Instant Saver, exclusively for current account members, doubled to 2.00% AER from Wednesday 5 October

Nationwide Building Society is today (3 October 2022) increasing its switching incentive1 paying £200 to current account customers who switch their account to the Society – the highest on the market2.

To qualify for the incentive, customers must complete a full switch3, using the Current Account Switch Service and a minimum of two active Direct Debits must be transferred to the new account.

The new account can be opened on Nationwide’s website or via the Internet Bank or Mobile Banking App. Existing members can also switch a current account they hold with another provider to an existing account they hold with the Society via the Internet Bank. The switch must be completed within 60 days of it being requested. 

Members can switch to one of the Society’s three main current accounts, including:

  • FlexPlus: A market-leading4 packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £13 per month.
  • FlexDirect: An online account paying 5% AER credit interest and offering an interest-free overdraft for the first 12 months.
  • FlexAccount: An everyday bank account where members can bank online and in branch for no fee.

Flex Instant Saver:

On Wednesday 5 October, the Society will also be doubling the interest rate for new and existing members on the Flex Instant Saver account to a highly-competitive5 2.00% AER for 12 months6.

The account is available exclusively to current account members who open or already hold any of the Society’s current accounts (FlexPlus, FlexDirect, FlexAccount, FlexBasic, FlexStudent, FlexGraduate or FlexOne7)

Full details of Nationwide’s current accounts can be found here.

Tom Riley, Director of Banking and Savings at Nationwide Building Society, 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.

“The Society offers a range of accounts to suit the different needs of its members and current account members will also have exclusive access to Flex Instant Saver, where the rate has been doubled to 2.00% AER.

“Switching accounts has never been easier as we will transfer any existing balances and payments from the previous account using the Current Account Switch Service.”

- Ends -

Notes to editors

1 The new Switching Incentive is available on applications started on or after 3 October 2022. The previous Switching Incentive was withdrawn on 2 October 2022. In order to qualify for the Switching Incentive members this must be members first sole or first joint account switch since 18 August 2021.

2 Source: MSE - Best bank accounts: up to £175 to switch or up to 5% interest - MSE (moneysavingexpert.com)

3 During a full switch, the old account is closed and all payments are transferred to the new account. Full details can be found here.

4 Source: MSE - Packaged Bank Accounts: best paid-for deals - MoneySavingExpert and Which? - Best packaged bank accounts - Which?

5 Source: Moneyfacts - Best Easy Access Savings | Up to 2.10% Variable | moneyfacts.co.uk

6 The introductory rate is payable for 12 months, after which the account will revert to another instant access account (details provided nearer maturity). Existing members will benefit from the increase in their introductory rate for the remainder of their term i.e. if they have held account for 3 months, the new 2.00% rate will apply for the remaining 9 months of the introductory period. Members can save up to £5 million into the instant access account, with no limit on withdrawals. The account can be opened online via Nationwide’s website, Internet Bank or Mobile Banking App.

7 Available to FlexOne members who are 16 and over