Nationwide Announces £175 Cash Bonus for New Account Switches
Nationwide Building Society has launched a promotional offer, providing a £175 cash bonus to customers who switch their bank accounts to the institution. This incentive is part of Nationwide's strategy to attract new members, following its recognition as the 2025 Which? Banking Brand of the Year.
Eligibility and Requirements for the Switch Offer
To qualify for the £175 bonus, customers must switch a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount, or FlexPlus account. The old account must have at least two direct debits to facilitate the transfer.
The switch must be completed using the Current Account Switch Service, which involves closing the old account, and the process must finish within 28 days. Additionally, account holders are required to pay in a minimum of £1,000 and make one debit card payment within 31 days of opening the account or applying to switch into an existing one.
Payment Details and Conditions
Nationwide will deposit the £175 into the switched account within 10 days of all requirements being met, provided the account remains open. The payment will appear on statements with the reference 'Switching Offer'. For joint accounts, only one £175 payment will be issued.
The £1,000 deposit can be made in instalments or as a lump sum, sourced from funds such as money transferred from the old account, salary payments into the Nationwide account post-switch, or transfers from other non-Nationwide accounts. However, it cannot come from existing funds in a Nationwide account or via Visa credits.
Debit Card Payment Flexibility
The required debit card payment can be a single transaction in most shops or online, including recurring payments for subscriptions like Netflix or Spotify. Payments made through digital wallets such as Apple Pay, Samsung Pay, or Google Pay are also acceptable.
This offer is available to individuals who have not taken advantage of a Nationwide current account switch offer since 2021, ensuring it targets new or returning customers. Nationwide emphasizes its commitment to member benefits, including profit-sharing and high street banking satisfaction, as part of its appeal to potential switchers.
