Nationwide is offering a £175 payment to customers who switch to its FlexPlus, FlexDirect or FlexAccount from a non-Nationwide account, provided the transfer is completed within 28 days. The bonus is available to those who request the switch within four weeks of applying, with additional terms and conditions attached.
Eligibility and Requirements
New members must deposit at least £1,000 into the account, and the switch must be from a non-Nationwide or non-Virgin Money current account. A full switch must be requested upon application, and at least two Direct Debits must be transferred across. Nationwide will also close the old account during the process.
This must be the first time the customer has received a Nationwide switch offer on an eligible sole or joint account. Nationwide has stated it may end, alter or replace the offer at any time. The £175 will be deposited into the account within 10 days of all requirements being fulfilled.
Potential Value of Up to £470
Rachel Springall, finance expert at Moneyfacts, said that switching to Nationwide's FlexDirect account could offer customers up to £470 in value in the first year. She added: "[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."
The £470 figure breaks down as follows: £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 eligibility criteria are met).
