Nationwide Building Society has launched a generous cash incentive programme, offering £175 payments to new customers who switch their current accounts from rival banks.
How to claim your £175 switching bonus
The building society's latest offer provides an attractive opportunity for households to receive free cash, particularly valuable in the approach to the Christmas season. Financial experts are highlighting this as one of the more substantial switching bonuses currently available in the UK banking market.
To qualify for the £175 payment, new customers need to open either a FlexDirect, FlexAccount or FlexPlus account with Nationwide. The cash incentive will be deposited into accounts within 10 days of meeting all the switching requirements, which typically include transferring a minimum balance and setting up direct debits.
Additional benefits for new Nationwide customers
Beyond the immediate £175 bonus, successful applicants could also position themselves to receive £100 Fairer Share bonus payments next summer. To be eligible for this additional reward, customers must maintain both a current account and either a qualifying savings product or mortgage with the building society.
The process of switching banks has been significantly streamlined in recent years through the Current Account Switch Service, which automatically transfers payments and direct debits, making the transition between financial institutions remarkably straightforward.
Important eligibility considerations
Prospective applicants should note that this offer excludes anyone who has previously received Nationwide switching payments since 2021. Money saving specialists recommend carefully reviewing all terms and conditions before initiating a switch to ensure eligibility for the bonus.
With many families feeling financial pressure during the cost of living crisis, this £175 cash injection represents a welcome opportunity to boost household budgets with minimal effort required beyond the account switching process.
