21 Sep 2023

Nationwide launches top of market £200 switching incentive and 8% regular saver

  • £200 paid to current account customers using the Current Account Switch Service
  • Current account customers rewarded with market-leading Flex Regular Saver paying 8% AER
  • Combination of incentive and interest could earn customers £377 in the first year
  • Latest move by Nationwide Building Society that demonstrates benefits of being a customer

Nationwide is from tomorrow (Thursday 21 September) offering a top of market1 switching incentive2 – paying £200 to those who switch their current account to Britain’s biggest building society.

At the same time, the Society will launch a new regular savings account, exclusively for current account customers, paying 8% AER/gross p.a. – the highest rate available on the market3.

It is the latest move by the Society as it continues to show the value of being a customer. Nationwide announced earlier this year its Branch Promise to not leave any town or city until at least 2026 and also returned £340 million to eligible members through a £100 Fairer Share payment.

£200 current account switch incentive:

To qualify for the incentive, customers must complete a full switch4 using the Current Account Switch Service. A minimum of two active Direct Debits must be transferred to the new account.  


A new account can be opened on Nationwide’s website or via the Internet Bank or Mobile Banking App and the switch can be requested as part of the application. Existing customers 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.   

Customers can switch to one of the Society’s three main current accounts: 

  • FlexPlus: A market-leading5 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 (conditions apply).
  • FlexAccount: An everyday bank account where customers can bank online and in branch for no fee.

8% Flex Regular Saver:

To help encourage current account customers to get into a regular saving habit, the Society will also launch a new Flex Regular Saver account paying a market-leading 8% AER/gross p.a. for 12-months6.


Customers can save up to £200 per calendar month in the online managed account, which allows up to three withdrawals within the 12 months after the account opening7.

Flex Regular Saver is only available to customers who hold one of the Society’s current accounts (FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne8). Customers are only able to open one Flex Regular Saver – either as an individual or a joint account. 


Customers could earn up to £377 during the first year if they qualify for the incentive and switch into the Society’s FlexDirect account as well as save in the new Flex Regular Saver9.

Tom Riley, Director of Retail Products at Nationwide Building Society, said: “We want to give people every reason to join and stay with Nationwide. That’s why we are offering new and existing current account customers a top of market £200 if they switch their main banking relationship to the Society. We’re also rewarding our current account customers with a market-leading rate of 8% AER on our Flex Regular Saver. We believe this is a further demonstration of the difference of being part of a modern, member-owned organisation.”

- Ends -

Notes to editors

1 Source: Best bank accounts: Up to £200 to switch or up to 7% interest - MSE (moneysavingexpert.com)

2 The new Switching Incentive is available on applications started on or after 21 September 2023. Sole or joint accounts opened after 18 August 2021, which qualified for the previous incentive, would not qualify for this incentive if the same type of account (sole/joint) was opened again. However, if they previously opened a sole account and now open a joint account they would qualify (providing they meet all other criteria) and vice versa.

3 Source: Regular Savings Accounts Best Buys | Find the best rate. Keep the best rate (savingschampion.co.uk)

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

5 Source: Which? - Best packaged bank accounts - Which? 

6 After 12-months the account will revert to an instant access account. Flex Regular Saver can be opened using the Internet Bank or Mobile Banking app.  

7 If four or more withdrawals are made, the rate on the account will change to 2.15% AER variable.

8 Customers must be at least 16 years old to open Flex Regular Saver. 

9 To earn £377, customers must qualify for the incentive (£200), open a FlexDirect account, qualify for the introductory offer and maintain a minimum of £1,500 in the account (full eligibility criteria here), which pays 5% AER for 12 months (£73) and save £200 on the first day of each calendar month into the Flex Regular Saver (£104)