16 Aug 2021

Nationwide launches new current account switching incentive and savings account exclusively for current account members

  • £125 cash reward for existing members who switch their current account to the Society
  • New members to the Society from another provider receive £100 reward
  • Launch of Flex Instant Saver – new account exclusively for current account members
  • Instant access account pays competitive 0.35%

Nationwide Building Society continues to offer its best deals to existing members with the launch of a new switching incentive and a new competitive savings account from Wednesday 18 August.

Switching Incentive:

Nationwide will pay £125 to existing members who switch their current account to the Society, while new customers will receive £100 for switching.

To qualify for the incentive, switches must be made using the Current Account Switch Service and a minimum of two active Direct Debits must be switched to the new account.

Members must use Nationwide’s Internet Bank to switch a current account they hold with another provider to an existing account they already hold with the Society or open a new account to switch to using Nationwide’s website, Internet Bank or Mobile Banking App. The switch must be completed within 30 days of it being requested.

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

  • FlexPlus: A market-leading1 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 2% 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:

Flex Instant Saver will be exclusively available to current account members and will pay a competitive 0.35% AER.

Members who open or already hold any of the Society’s current accounts (FlexPlus, FlexDirect, FlexAccount, FlexBasic, FlexStudent, FlexGraduate or FlexOne2) will also be able to open the new Flex Instant Saver account, which pays a competitive 0.35% gross/AER.

The introductory rate is payable for 12 months, after which the account will revert to another instant access account3. 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.

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

Tom Riley, Director of Banking and Savings at Nationwide Building Society, said: “As a mutual we always look to reward our members’ loyalty with exclusive products and services. This is why our new switching incentive offers a higher level of reward for existing members compared to those who are new to the Society. At the same time, we are also launching a new savings account which further rewards our current account members with a competitive rate of interest.

“We believe our mutual difference is the reason that the Society continues to be one of the main winners of the Current Account Switch Service as people look for a provider that will not only offer a compelling account, but also one that has a strong focus on reward member loyalty.”

Notes to editors

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

2 Available to FlexOne members who are 16 and over.

3 Details of the instant access account the product will revert to after 12 months will be provided prior to maturity.