Nationwide has revealed how banking customers could potentially pocket a free £470 by switching to its FlexDirect current account. The building society has also confirmed it is officially the most switched-to financial provider in the nation, according to data released today (November 5).
Official figures from the Current Account Switch Service (CASS) show Nationwide recorded a net gain of 23,636 customers between April and June this year, surpassing high street competitors Barclays and NatWest. In total, 411,384 people switched their bank accounts between July and September - the highest quarterly figure since the end of 2023.
Who can get the £470
The £470 potential value is calculated from several components: a £175 switching incentive, up to £60 debit card cashback, up to £60 direct debit cashback, up to £75 interest (5% maximum potential interest on balances up to £1,500), and a £100 Fairer Share payment (if paid again next year and you meet eligibility criteria).
Beyond the £470 potential value, FlexDirect customers also gain access to a Flex Regular Saver offering a competitive 6.50% AER. This means anyone saving the maximum £2,400 annually would receive an additional £84.50 in interest.
Financial blind spots revealed
According to Nationwide, a substantial 60% of people have never switched their everyday current account, while 28% have no idea how much they could actually earn by making the move. The research revealed a series of financial "blind spots" among the public: just 36% of people are aware you can earn interest on a standard current account, and a mere 18% currently earn cashback on their everyday spending.
Moreover, nearly a quarter of Britons (23%) simply leave their remaining money sitting idle in their current account between paydays. Finance expert at Moneyfacts, Rachel Springall, highlighted that making the move to an account such as Nationwide's FlexDirect could prove remarkably rewarding.
She said: "[Switching to] Nationwide's FlexDirect account could offer customers up to £470 in value in the first year. The account is highly attractive all-round and rewards customers on their day-to-day spending with cashback. Those who keep a bit of cash in the account will earn an inflation-busting interest rate."
Confidence and switching trends
The research revealed that financial confidence does not necessarily grow with age. More than a fifth (22%) of over-55s acknowledge they aren't confident in how interest is calculated, compared to just 16% of those aged 25 to 34.
Fred Powell, Head of Current Accounts at Nationwide, said: "Everyday spending and payments are a part of daily life and the more we know about the offers and deals out there the better we can manage our finances. Simple changes like choosing a current account with cashback and interest can make a big difference. Our new FlexDirect current account is designed for everyday spending... and we can help customers on the phone or in branch to switch."
John Dentry, Product Manager at Pay.UK, which operates CASS, said it is positive to see thousands of consumers finding partners that suit their financial needs. He added: "The right support can make a real difference to families, especially when finances are stretched by factors outside their control. With 99% of switches completed within seven working days and satisfaction levels remaining above 90%, the Service continues to provide consumers with a reliable way to move to an account that suits them best."
