New £200 switch bonus from Nationwide leads the market
Nationwide has outdone its rivals by doubling its switch bonus to £200.
If you’re looking to switch your current account – or bag some free money – then it’s worth considering the latest switch deal to launch, which is £25 more in cash than rival offers.
Following on from switching deals from NatWest and Lloyds Bank, Nationwide has refreshed its switching bonus to a market-leading £200.
New customers will now receive double the previous amount on offer from Nationwide. There’s no difference for new or existing customers – everyone stands to receive £200 by switching their main account to Nationwide (if they meet the eligibility requirements).
Nationwide switching deal
The deal itself is a £200 switching bonus. To be eligible, you must complete a full switch using the Current Account Switching Service and transfer a minimum of 2 active direct debits to the new account.
You also have to complete your switch online, either using Nationwide’s website or internet banking. The switch must also be completed within 60 days of when you requested it.
See the full details in our best bank account switching deals guide to help you compare bank offers and incentive schemes.
The offer is only valid on the first sole current account and first joint current account you have switched to Nationwide since 18 August, 2021. You also won’t be eligible if you switch from one Nationwide account to another.
Which accounts are covered?
You can switch to any of these 3 accounts: FlexAccount, FlexPlus and FlexDirect.
The FlexDirect account pays 5% for in-credit balances and offers an interest-free overdraft for the first 12 months. Alternatively, if you are happy paying a monthly fee, the FlexPlus includes benefits such as family travel insurance, mobile phone insurance and UK and European breakdown cover. Premium accounts such as this one are only worth it if you’ll use these extras.
Other bank account switching offers
The Nationwide offer is currently top of the market. It edges out NatWest and first direct, which are offering £175 to make the switch.
What’s also interesting about the building society’s offer is that you can use it to either open its packaged account or its interest-earning current account. And Nationwide typically offers its members exclusive products, including its Flex Instant Saver account. As of Wednesday 5 October, the building society is doubling the interest rate on this account to 2% AER for 12 months.