Nationwide Building Society is offering customers up to £275 in bonus payments, including a £175 switching incentive and a potential £100 Fairer Share Payment. The £175 offer is available to those switching from a non-Nationwide provider to a FlexDirect, FlexAccount, or FlexPlus account, either existing or new.
To qualify for the £175, switchers must use the Current Account Switch Service to transfer at least two direct debits and close their old account within 28 days. Additionally, they must pay in at least £1,000 and make one debit card payment within 31 days of opening or switching. The £175 will be credited within 10 days of meeting all criteria, appearing as 'Switching Offer' on statements. Joint account switchers receive only one payment.
Customers who complete the switch may also be eligible for the Fairer Share Payment, which Nationwide issues from its profits. The last round in 2024 gave £100 to over four million members. Since 2023, some members have received £300 in total from these payments. Nationwide notes that future payments depend on financial performance and may have altered criteria.
Combining the £175 switch offer with a £100 Fairer Share Payment gives a total of £275. Several other banks are also offering switching incentives, including Barclays (up to £900), NatWest, Royal Bank of Scotland, First Direct (£175 each), TSB (£180), and Lloyds Bank (£200).
