Nationwide offers bumper cash bonus for current account switchers

Britain’s biggest building society Nationwide has brought back its bumper bank account switching deal. 

The mutual, which has 17million members, will once again pay new customers £175 to switch to one of its current accounts through the Current Account Switch Service.

New customers who open a Nationwide FlexDirect, FlexPlus or FlexAccount will be eligible to receive the switching cash, which is promised within 10 days.

New FlexDirect customers will also receive 1 per cent cashback on debit card spending for 12 months. 

It is the latest move in a drive to get customers to open Nationwide current accounts. 

In May, the building society unveiled a third annual £100 Fairer Share payment for customers who had a qualifying current account and at least £100 in a Nationwide Savings account or £100 left on a mortgage.

Previously when it has offered this switching bonus, it saw a record number of people switch account. 

Switching rush: Nationwide has relaunched its popular switching incentive worth £175

Nationwide has had a net 1.03million customers join it since the Current Account Switch Service launched in 2013.

It saw net switching gains of 55,578 between January and March 2025, according to bank-specific data from the Current Account Switch Service  – which is three months in arrears – making it the first bank or building society to surpass the figure. 

How to get the £175 switching bonus

To get the cash bonus, customers need to complete a full switch to a Nationwide FlexPlus, FlexDirect or FlexAccount through the Current Account Switch Service.

The new account must be opened via Nationwide’s website, internet bank or mobile banking app. The switch must be requested as part of the application.

At least two active direct debits must be transferred to the new account as part of the switch. Other types of automatic payment such as standing orders do not count.

Customers also need to deposit £1,000 in the account and make one debit card payment within 31 days.

The switching incentive is available to new customers who open an account on or after 18 September 2025.

If a customer opened a sole or joint account after 18 August 2021 and qualified for the previous incentive, they would not qualify if they opened the same type of account – either sole or joint – again. 

However, if they previously opened a sole account and now open a joint account they would be eligible for the deal and vice versa.

Existing customers can also switch a current account they hold with another provider to an existing account they hold directly through Nationwide’s internet banking. The switch must be completed within 28 days of it being requested.

The £175 bonus makes the FlexDirect account even more attractive. It pays 5 per cent interest on balances up to £1,500 for the first 12 months and it is now offering 1 per cent cashback on debit card spending. 

It means there are now four banks paying switching cash to customers who move their current account. 

NatWest is paying customers £175 if they move using the Current Account Switch Service.

Customers who switch to NatWest Select, Reward, Premier Select or Premier Reward accounts will be eligible for the switching cash.

NatWest’s switching deal has minimal hoops to jump through and is open to new customers who open one of its current accounts, deposit £1,250 in it and log into the mobile app within 60 days.

Lloyds is throwing £200 at customers to switch to one of its current accounts. It is the highest bonus incentive currently available, but customers will only be eligible if they switch to a Club Lloyds or Lloyds Premier account.

First Direct is paying customers £175 to switch their current account through the Current Account Switch Service.

And Co-op is offering a cash bonus worth up to £150 for new customers who move their current account to a Co-op bank account.

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