Nationwide is offering new customers up to £370 in free money through its fee-free FlexDirect current account, combining a £175 switching bonus, £120 in cashback, and £75 in interest over the first year. The building society, which has branches in Birmingham, launched the deal with no monthly fee, aiming to attract customers looking to make their money go further.
How the £370 deal breaks down
The £175 switching bonus is available to new customers who move their main bank account to Nationwide using the Current Account Switching Service (CASS). To qualify, customers must complete a full switch within 28 days of opening the FlexDirect account, switch from an account with at least two direct debits, and pay in at least £1,000.
Once the account is active, customers can earn £5 a month in cashback from everyday spending of at least £500, and another £5 a month in cashback from direct debits of at least £300. Over 12 months, this cashback totals £120. Additionally, customers can earn £75 from the 5% interest on their current account balance during the first 12 months.
Nationwide and Moneyfacts comment on the offer
Fred Powell, head of current account at Nationwide, said: "With our new free FlexDirect account, customers can still earn interest on money in their account, get cashback on everyday spending and benefit from a £175 switching offer." He added: "It means new customers could get as much as £295 with Nationwide in their first 12 months and that's without adding the 5% on current account balances [and] access to savings accounts."
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." She noted that the 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. Springall described the account as "highly attractive all-round" and highlighted the inflation-busting interest rate for those who keep cash in the account.
Impact for Birmingham customers
For Birmingham residents with Nationwide branches nearby, the offer provides a straightforward way to earn extra money on everyday banking. The combined perks of £370 in the first year are available to new customers who meet the eligibility criteria, including the switch requirements and spending thresholds. Those who save £1,500 for a year could also benefit from the interest payments, making the account a viable option for households seeking to maximise their savings.
