Nationwide Building Society has confirmed that its popular £175 switching bonus remains available for customers, emphasising that the offer is "still live" despite earlier warnings of a limited timeframe. The building society has not specified an exact end date for the promotion, leaving a window of opportunity for those looking to switch.
How to Claim the Nationwide £175 Bonus
To qualify for the £175 payment, new customers must open a FlexDirect account with Nationwide and switch their banking to the society. The process requires transferring a minimum of £1,000 into the new account within 31 days of opening it. Additionally, maintaining a monthly deposit of £1,000 is necessary to unlock further benefits, including debit card cashback and access to a high-interest savings account.
Competitive Landscape: The Co-operative Bank's Offer
Nationwide is not alone in providing switching incentives. The Co-operative Bank has recently relaunched its own £175 switching deal, structured as an initial £100 payment upon completion of the switch, followed by three monthly instalments of £25. This offer also includes access to a 7% AER Regular Saver, allowing customers to save up to £250 per month.
Hayley Lowell, head of current accounts at The Co-operative Bank, commented on the timing of the offer, stating: "The wait between December and January payday is finally over for many, but recovering from the festive period can last longer than just January. Our £175 switching offer is a welcome boost for customers as they manage their finances in the year ahead."
Key Considerations for Switchers
Prospective switchers should note the following requirements and benefits:
- Nationwide's offer demands a £1,000 initial deposit and monthly maintenance of the same amount.
- The Co-operative Bank's deal provides a staggered payment structure and a high-yield savings option.
- Both promotions are designed to attract new customers in a competitive banking market.
As the cost of living continues to impact households, such switching bonuses can provide a significant financial lift. Customers are advised to review the terms and conditions of each offer carefully to ensure they meet the eligibility criteria and maximise the benefits available.
