Customers switching their bank or building society accounts to one of Nationwide’s FlexPlus, FlexDirect, or FlexAccounts will be offered a market-leading, one-off payment of £200. This rate is currently £25 more than the second-highest switch incentive on the market.
First of the three eligible accounts, as mentioned, is the FlexAccount. This is a fee-free everyday account that allows an arranged overdraft.
The second eligible account is FlexDirect, which is also fee-free but aimed at customers who prefer internet banking, as users will have limited access to branch and phone support.
Lastly, the FlexPlus, which is seen as the more premium account, includes a package of worldwide travel, mobile phone insurance, and UK and European breakdown insurance for £13 a month.
To be eligible for the switch deal, customers must make the transition from a different banking provider using the Current Account Switch Service (CASS), having already closed their initial current account.
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To receive the money, the switch must be completed within 60 days of its request.
Alongside the £200 bonus, all three eligible accounts will have access to Nationwide’s member-only products, such as credit cards, loans, financial planning and investments, and its Flex Instant Saver.
This is an easy access savings account awarding a competitive AER of two percent, which is 0.35 percentage points lower than the best current rate on the market.
However, Nationwide BS is just one of the several leading banks offering a cash incentive to attract new customers.
However, for those not ready to make the full switch, first direct is offering a £20 incentive to those who simply open a 1st Account on or after March 29, 2022, provided that they log into the app or online banking platform within three months of launching it.
Following close behind is Lloyds, which is offering a £150 incentive to switch to a Club Lloyds or Club Lloyds Platinum account using the CASS. Customers receive the bonus after 10 working days.
Meanwhile, TSB has launched a new scheme offering customers £125 to switch to a TSB Spend & Save or a Spend & Save Plus account, and a further £55 to customers who stay until July 2023. This takes the overall bonus up to £180.
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