Nationwide Building Society Rewards 41,000 Customers with £175 Switch Bonus
New data reveals that Nationwide Building Society has distributed £175 switching bonus payments to approximately 41,000 customers during the final three months of 2025. According to the latest figures from the Current Account Switch Service (CASS), Nationwide recorded 41,450 net switching gains between July and September 2025, with Birmingham branches participating in this significant customer acquisition trend.
Customer-Focused Banking Strategy Drives Switching Success
Fred Powell, Head of Product at Nationwide, emphasized the building society's commitment to customer satisfaction. "Customers tell us they value great service, choice and convenience and that's what we're focused on delivering," Powell stated. "We've extended our Branch Promise and continued to invest in our app to make managing money simpler and safer, including selfie ID authentication and our new scam Call Checker tool."
Powell further explained the rationale behind the bonus payments: "But we know customers also want value and recognition, which is why millions of our members have received our Fairer Share payment for the past three years."
How the Switching Bonus Works
The £175 switching bonus follows specific requirements:
- Nationwide pays the £175 into the account customers have switched to
- Payment occurs within 10 days of meeting all requirements
- The account must remain open when the payment is processed
- For joint accounts, only one £175 payment is made
- The payment appears on statements as 'Switching Offer'
Customers have 31 days from account opening to deposit £1,000 and make a card payment. Typically, accounts open immediately upon application completion.
Record Switching Activity Across the Banking Sector
John Dentry, Product Manager at Pay.UK, which owns and operates the Current Account Switch Service, highlighted broader industry trends. "Reaching nearly 12.5 million switches since launch is a significant milestone, and it's encouraging to see October and Q4 emerge as the busiest month and quarter of 2025," Dentry noted.
"That level of activity highlights a competitive market where people feel confident moving to an account that better suits their needs," he continued. "High satisfaction and recommendation levels show the Service continues to deliver fast, reliable switching at scale, giving consumers the reassurance of a free, guaranteed process."
The data indicates that Birmingham residents are actively participating in this banking migration trend, taking advantage of Nationwide's physical presence in the city alongside their digital innovations. The combination of branch accessibility and technological enhancements appears to be driving customer acquisition in the competitive financial services landscape.
