Nationwide Building Society has launched a generous cash incentive, promising £175 free to customers who move their everyday banking to one of its accounts. The offer, announced in December 2025, is designed to attract new current account holders through the Current Account Switch Service.
What Are the Key Requirements for the £175 Payment?
To qualify for the £175 payment, potential switchers must meet several specific conditions. First, you must switch a current account held with a different bank or building society to a new or existing Nationwide FlexDirect, FlexAccount, or FlexPlus account.
Critically, the account you are switching from must have at least two active Direct Debits set up to transfer over as part of the process. You must initiate a full switch, which involves closing your old account, and it must complete successfully within 28 days of starting the process.
Once your new Nationwide account is open, you have a 31-day window to fulfil two further criteria: pay in a minimum of £1,000 and make at least one debit card payment. The £1,000 deposit can be made in multiple instalments or as a single lump sum.
Where Can the £1,000 Deposit Come From?
Nationwide has provided clear guidelines on acceptable sources for the £1,000 pay-in. Permitted sources include:
- Money transferred from your old account as part of the switch.
- Your salary, if you are paid directly into the new Nationwide account after the switch.
- Funds transferred from another account that is not with Nationwide.
The funds cannot come from money already held in a Nationwide account, including existing balances if you are switching into an old account, or from Visa credit transactions. For joint account switches, only one £175 payment will be made per account.
How and When Will You Receive the Money?
If all the conditions are met, Nationwide states that the £175 will be paid into the switched account within 10 days. The payment will appear on your statement labelled as 'Switching Offer'. It is essential that the account remains open at the time the payment is made.
The building society also notes that while accounts usually open immediately upon application, sometimes extra checks are needed. In such cases, the 31-day period to pay in £1,000 and make a card payment only begins once the account is formally opened. Your debit card should arrive within 8 to 10 days of the account opening.
This offer presents a significant incentive for those considering a change in their banking provider, but it is vital to carefully follow all the steps and deadlines to ensure you receive the cash bonus.
