Nationwide ups its bank account switching offer to £200
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Nationwide boosts its bank account switching offer to a market-leading £200 – and even existing members can benefit: here’s what you need to know
- Lloyds Bank, RBS, NatWest also offer £150-£170 cash bribes to switchers
- National offer available on FlexPlus, FlexDirect and FlexAccount
- Existing members with bank accounts elsewhere can also benefit from this
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Nationwide Building Society is now paying £200 to bank account customers who transfer their accounts to it – the highest cash bribe on the market.
There are now four bank account providers offering free money to entice people to join. NatWest and RBS are offering a free gift of £175, while Lloyds Bank is offering £150.
To qualify for the Nationwide incentive, customers must make a full switch with the Payment Account Switching Service and a minimum of two active direct debits must be transferred to the new account.
Existing members can also transfer a current account with another provider to an existing account with the Company via the Internet Bank.
The offer is available on all three of Natiownide’s main current accounts; the £13 a month FlexPlus account including worldwide travel, mobile and European roadside assistance.
the free one FlexDirect Accountwhich offers 5 cents in-credit interest on balances up to £1,500 and an interest-free bank overdraft for the first 12 months.
Or the FlexAccounta daily bank account where members can bank online and in the branch for free.
The new account can be opened on Nationwide’s website or through the internet banking or mobile banking app.
Existing members can also transfer a current account with another provider to an existing account with the Company via the Internet Bank.
This means that it is still possible for existing Nationwide bank account holders to take advantage of this as long as they have another bank account elsewhere.
It’s worth noting that someone is ineligible if they’ve switched from one Nationwide account to another, or if they’ve taken advantage of a previous online checking account switching offer since August 18, 2021.
The switch must be completed within 60 days of application.
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 an industry leading £200 to new and existing members transferring their current account to the Society.
‘Switching accounts has never been so easy, we transfer existing balances and payments from the previous account with the Payment Accounts Switching Service.’