Nationwide is offering eligible new customers £175 in free cash, provided they complete a switch to its FlexPlus, FlexDirect or FlexAccount from a non-Nationwide account within 28 days of requesting the transfer.
The world's largest building society has confirmed that new members must also deposit at least £1,000 into the account, and several additional terms and conditions apply. Customers must be switching from a non-Nationwide or non-Virgin Money current account and request a full switch when applying.
Switch requirements and eligibility
The switch must be completed within 28 days, with at least 2 Direct Debits for Nationwide to transfer across. Customers must also ask Nationwide to close their existing account during the process. This must be the first time they have received a Nationwide switch offer on an eligible sole or joint account, and Nationwide has stated it may end, alter or replace the offer at any time.
The £175 will be paid directly into the account within 10 days of all requirements being fulfilled.
Potential value of the FlexDirect account
Finance expert at Moneyfacts, Rachel Springall, pointed out that moving to an account such as Nationwide's FlexDirect could prove exceptionally worthwhile. 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."
How the £470 is calculated
The £470 figure comprises the £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).
