If you are beginning to feel the financial pressure due to the rising cost of living and increase to energy bills, a quick way to boost your income is to get paid for switching your bank account and Nationwide has just dropped the biggest cash incentive to date.
Britain’s biggest building society is offering £200 to current account customers who switch to them using the Current Account Switch Service and the best bit is that the money will be paid out within 30 days of you meeting the switch requirements of a £1,000 minimum monthly deposit. Switching is much simpler these days and your incoming and outgoing funds along with Direct Debits, Standing Orders and recurring payments are fully protected by the Current Account Switch Service.
The new account can be opened on Nationwide’s website or via the Internet Bank or Mobile Banking App. To qualify for the cash boost, customers must complete a full switch, including a minimum of two active Direct Debits, which must be transferred to the new account.
Existing members can also switch a current account they hold with another provider to an existing account they hold with the Society via the Internet Bank. The switch must be completed within 60 days of it being requested.
Members can switch to one of the Society’s three main current accounts, including:
- FlexPlus: A market-leading packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £13 per month
- FlexDirect : An online account paying 5% AER credit interest and offering an interest-free overdraft for the first 12 months
- FlexAccount : An everyday bank account where members can bank online and in branch for no fee
Flex Instant Saver
Nationwide has also doubled the interest rate for new and existing members on the Flex Instant Saver account to a highly-competitive 2.00% AER for 12 months.
The account is available exclusively to current account members who open or already hold any of the Society’s current accounts:
- FlexPlus
- FlexDirect
- FlexAccount
- FlexBasic
- FlexStudent
- FlexGraduate
- FlexOne
Full details of Nationwide’s current accounts can be found on the website here.
Commenting on the new initiative, Tom Riley, Director of Banking and Savings at Nationwide Building Society, said: “With the rising cost of living, many people are reviewing their financial products to ensure they continue to offer good value. Nationwide is now offering a market-leading £200 to new and existing members who switch their current account to the Society.
“The Society offers a range of accounts to suit the different needs of its members and current account members will also have exclusive access to Flex Instant Saver, where the rate has been doubled to 2.00% AER."
He added: "Switching accounts has never been easier as we will transfer any existing balances and payments from the previous account using the Current Account Switch Service.”
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