The UK’s largest mutual financial institution, the Nationwide Building Society, has rolled out an attractive rewards package. New customers switching from their current account could get as much as £275 in cash.

The reward package offers an unconditional switching payment and a voluntary profit share. This sets a high standard in the competitive banking industry for attracting customers.

£175 Guaranteed Switching Bonus

The best part of the promotion is that customers get a £175 cash bonus when they switch completely to a current Nationwide eligible account. Payment in cash is made within 10 days of fulfilling all the qualifying requirements.

Customers must:

• You can switch your entire current account to a new or existing FlexDirect, FlexAccount, or FlexPlus account. Just use the Current Account Switch Service (CASS). A complete transfer has to involve closing the old account.
• Transfer at least two live Direct Debits as part of the transfer.
• Switch and complete the process within 28 days of opening or switching.
• Put at least £1,000 into the new Nationwide account within 31 days of account switching request/account opening, and make one debit card payment.

The £175 payment will be shown on the new Nationwide account statement as ‘Switching Offer’.

The Potential Extra £100: Fairer Share Payment

The highest earning potential of £275 is achieved through the addition of the mutual’s popular Fairer Share Payment scheme. This share-save account gives qualifying members a share of the society’s annual profit.

The £175 switching bonus is guaranteed, but the £100 extra depends on meeting the yearly terms for the Fairer Share Payment. Every other year, eligible Nationwide members—usually those with qualifying accounts, savings, or mortgages—received £100.

For a new member, the switching reward of £175 and then being eligible for a subsequent £100 Fairer Share Payment could equate to a cash grant of £275. The Fairer Share Payment is not guaranteed but at the discretion of the Society in any year and subject to Board approval.

Nationwide’s move highlights the battle among UK high-street banks to win back customers. Many banks are offering big cash bonuses to attract new clients through the Current Account Switch Service.

“National’s new offer boosts their mutual approach in the CBDD sectors. It includes a strong cash incentive upfront and profit-sharing with members over the long term,” an expert explained. For customers considering a bank switch, this offer is great. It works well with accounts like the FlexDirect, which pays 5% AER interest on balances up to £1,500 for a year.”

Prospective customers must read the full terms and conditions for the £175 switch reward. They should also check the eligibility for the Fairer Share Payment before applying.

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