Nationwide has doubled the cashback available on its fee-free FlexDirect current account, giving new customers the chance to earn up to £120 in the first year. The building society, which operates branches in Birmingham, confirmed the change as part of an enhanced offer on its flagship account.
What the boosted offer includes
The FlexDirect account continues to pay 5% interest on balances up to £1,500 for the first 12 months. In addition, new customers can now earn up to £120 cashback over the same period, double the previous maximum. The cashback is split into two monthly rewards: £5 per month when customers spend at least £300 on direct debits, and another £5 per month when they spend at least £500 on their debit card.
Nationwide states on its website that customers must pay in at least £1,500 per month to qualify for the monthly cashback and interest rewards. The building society explained: "£5 cashback each month when they spend at least £300 on direct debits – max £60. £5 cashback each month when they spend at least £500 on their debit card – max £60." It added that this is "equivalent to up to £120 cashback in the first year."
Switching incentive adds £175
Customers who move their main current account to Nationwide using the Current Account Switch Service can also receive a £175 switching incentive. This is available to eligible customers in addition to the cashback and interest rewards.
Rachel Springall, Finance Expert at Moneyfacts, said: "Households are no doubt looking for simple ways to make their money go further, so it is incredibly important to take time out to review all the financial products they have, including current accounts, which are often overlooked."
Potential first-year value of £470
Springall highlighted the total value available to new FlexDirect customers. She said: "Nationwide's FlexDirect account could offer customers up to £470 in value in the first year, including cashback, credit interest, the switching incentive and, assuming the £100 Fairer Share is paid again."
She added: "The account is highly attractive all-round and rewards customers on their day-to-day spending with cashback. Those who keep a bit of cash in the account will earn an inflation-busting interest rate."
The enhanced offer comes as households continue to seek ways to maximise their finances amid ongoing cost-of-living pressures. Nationwide has not indicated a closing date for the revised cashback promotion, but customers are advised to review the terms on the building society's website before applying.
