Nationwide Building Society is alerting potential customers to the specific conditions they must fulfil to secure a generous £175 cash incentive for switching their current account.
The offer, which comes as the society was named the 2025 Which? Banking Brand of the Year, is available to those moving their banking to a new or existing FlexDirect, FlexAccount, or FlexPlus account.
Essential Steps to Secure Your £175 Payment
To qualify for the money, applicants must initiate a full switch from a non-Nationwide bank account using the Current Account Switch Service, which will involve closing the old account. This process must be completed within 28 days.
A crucial prerequisite is that the account being switched must have at least two active Direct Debits to transfer over. Once the switch is underway or the new account is open, customers have a 31-day window to pay in a minimum of £1,000 and make at least one debit card payment.
Understanding the Fine Print
Nationwide has clarified that the £1,000 deposit can be made as a lump sum or in several instalments. Acceptable sources for this deposit include salary paid into the new account, funds transferred as part of the switch itself, or money moved from another non-Nationwide account.
However, the building society explicitly warns that the £1,000 cannot come from funds already held in an existing Nationwide account, another Nationwide account (even one not in the applicant's name), or from Visa credits.
The required debit card payment is straightforward. "You can do this by using your card to pay for something in most shops or online," the society stated. "You only need to use it once." This includes recurring subscriptions like Netflix or Spotify, and payments made via Apple Pay, Google Pay, or Samsung Pay.
Nationwide confirms it will pay the £175 bonus into the new account within 10 days of all requirements being met, provided the account remains open. For those switching into a joint account, only a single £175 payment will be made. The payment will appear on statements labelled as 'Switching Offer'.
The 31-day period to meet the funding and spending requirements begins once the account is fully open. While this is usually immediate after application, the society notes that sometimes extra checks are needed, which would delay the start of the clock.
