Nationwide Building Society will now pay £200 to new customers when they switch their account. It is the highest cash perk on the market as a number of major banks compete to entice people to join.
NatWest and RBS are offering a £175 freebie, while Lloyds Bank is offering £150. To qualify for Nationwide's incentive, customers must complete a full switch using the Current Account Switch Service. A minimum of two active direct debits must be transferred to the new account.
The offer is available for all three of Nationwide's main current accounts: the £13 a month FlexPlus account including worldwide travel, mobile phone and European breakdown cover.
Read more: Martin Lewis forces the government to remove ‘nonsense’ claim about new tax savings
The free FlexDirect account, which offers five per cent in-credit interest on balances up to £1,500 and an interest-free overdraft for the first 12 months. Or the FlexAccount , an everyday bank account where members can bank online and in branch for no fee.
You can open the new account through Nationwide’s website or via the internet bank or mobile banking app. 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.
This means it is still possible for existing Nationwide bank account holders to benefit as long as they have another bank account elsewhere. However, someone won't be eligible if they have switched from one Nationwide account to another or if they have benefitted under any previous current account online switch offers since 18 August 2021.
The switch must be completed within 60 days of it being requested. 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. 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.'
Sign up to our money-saving newsletter here
READ NEXT:
