The incentive has provided popular with switchers, with the latest Current Account Switch Service report3 showing Nationwide as having the highest net switching gains of all providers.
The incentive is another example of how Nationwide demonstrates the value of a modern mutual by investing profit for the benefit of members. Last year Nationwide returned £385 million to eligible members through a £100 Fairer Share4 payment, while it remained first for customer satisfaction amongst its peer group for the 12th year running.
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 We would encourage anyone looking to switch their account to do so now to benefit from the offer as it will be withdrawn later this month.”
Switching Incentive
To qualify for the incentive, customers must complete a full switch5 using the Current Account Switch Service. A minimum of two active Direct Debits must be transferred to the new account as part of the switch. Customers must also deposit £1,000 and make one debit card payment within 31 days6.
A new account must be opened via Nationwide’s website, Internet Bank or Mobile Banking App. The switch must 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 Nationwide via the Internet Bank. The switch must be completed within 28 days of it being requested.
Customers can switch to one of the Society’s three main current accounts:
- FlexPlus: a market-leading7 packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £18 per month.
- FlexDirect: an online account paying 5% AER credit interest and offering 1% cashback on debit card spend.
- FlexAccount: an everyday bank account where customers can bank online and in branch for no fee.
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