Nationwide Building Society has confirmed that it is not currently running any current account switch incentives, following a customer inquiry on social media. The mutual previously offered a £200 bonus for existing members switching to a FlexDirect, FlexAccount or FlexPlus account earlier this year.
In response to a question about whether a switch offer was available, Nationwide stated: 'There are currently no active incentives running, however once one is available this will be announced on our website.' The building society also distributed £100 Fairer Share Payments to around four million members in June and July, and a £50 Big Nationwide Thank You payment after its acquisition of Virgin Money.
Separately, HMRC has clarified rules on savings interest tax. Basic rate taxpayers can earn up to £1,000 in interest tax-free, while higher rate taxpayers have a £500 allowance. Additional rate taxpayers receive no allowance. Interest over £10,000 must be declared via self assessment; otherwise, it can be declared through PAYE.
