Nationwide Building Society has fired the starting pistol on the 2026 banking switch season by launching a generous cash incentive for new customers. The mutual is offering a £175 payment to individuals who join and open one of its current accounts.
How to Claim the Nationwide £175 Switching Bonus
The offer is specifically tied to the FlexDirect account. To qualify for the free cash, new customers must complete a full switch to Nationwide using the Current Account Switch Service and move at least £1,000 into the new account within 31 days of opening it.
Furthermore, to unlock the account's ongoing benefits—which include debit card cashback and access to a linked savings account with a competitive interest rate—account holders need to pay in a minimum of £1,000 each month. For most, this will mean arranging for their salary to be paid directly into the FlexDirect account.
A Competitive Market for Banking Customers
Nationwide is not alone in trying to attract new business with upfront cash. The move, announced on 18 January 2026, reignites a market that often quietens in December. Financial commentators note that the timing is shrewd, as many households feel a financial pinch in January.
Money Saving Expert stated: "January's a lean month for many, so a dangling free cash carrot is likely to be appetising - and we say eat it! Unless you're delighted with your bank, why not get paid to ditch & switch?"
Alastair Douglas, CEO of TotallyMoney, echoed this sentiment, remarking, "When it comes to banks, it’s important to remember that loyalty doesn’t pay, but moving your money can." He confirmed that other high-street names including TSB, First Direct, HSBC, Lloyds, and Santander are also running similar cash-switching promotions.
Making the Switch: A Simple Process
For those considering a move, the process is designed to be straightforward under the Current Account Switch Guarantee. This service ensures that all outgoing and incoming payments, along with your balance, are automatically transferred from your old bank to your new one within seven working days.
Prospective switchers are advised to shop around, as deals vary. The best option will depend on an individual's specific needs, balancing the upfront cash incentive with the long-term perks and service offered by each provider.
