- £200 paid to current account customers using the Current Account Switch Service
- Current account customers rewarded with market-leading Flex Regular Saver paying 8% AER
- Combination of incentive and interest could earn customers £377 in the first year
- Latest move by Nationwide Building Society that demonstrates benefits of being a customer
Nationwide is from today offering a top of market switching incentive – paying £200 to those who switch their current account to Britain’s biggest building society.
At the same time, the Society will launch a new regular savings account, exclusively for current account customers, paying 8% AER/gross p.a. – the highest rate available on the market.
It is the latest move by the Society as it continues to show the value of being a customer. Nationwide announced earlier this year its Branch Promise to not leave any town or city until at least 2026 and also returned £340 million to eligible members through a £100 Fairer Share payment.
£200 current account switch incentive:
To qualify for the 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.
A new account can be opened on Nationwide’s website or via the Internet Bank or Mobile Banking App and the switch can be requested as part of the application. Existing customers 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.
Customers can switch to one of the Society’s three main current accounts:
- 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 (conditions apply).
- FlexAccount: An everyday bank account where customers can bank online and in branch for no fee.
8% Flex Regular Saver:
To help encourage current account customers to get into a regular saving habit, the Society will also launch a new Flex Regular Saver account paying a market-leading 8% AER/gross p.a. for 12-months.
Customers can save up to £200 per calendar month in the online managed account, which allows up to three withdrawals within the 12 months after the account opening.
Flex Regular Saver is only available to customers who hold one of the Society’s current accounts (FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne). Customers are only able to open one Flex Regular Saver – either as an individual or a joint account.
Customers could earn up to £377 during the first year if they qualify for the incentive and switch into the Society’s FlexDirect account as well as save in the new Flex Regular Saver.
Tom Riley, Director of Retail Products at Nationwide Building Society, said: “We want to give people every reason to join and stay with Nationwide. That’s why we are offering new and existing current account customers a top of market £200 if they switch their main banking relationship to the Society. We’re also rewarding our current account customers with a market-leading rate of 8% AER on our Flex Regular Saver. We believe this is a further demonstration of the difference of being part of a modern, member-owned organisation.”
Commenting on the deal, Rachel Springall, Finance Expert at www.Moneyfactscompare.co.uk said:
“Nationwide Building Society has launched a new regular savings account this week, the Flex Regular Saver, which pays 8.00% and is available to new and existing current account customers. The account grabs a position at the top of its sector and may attract savers who want to save diligently each month and can limit their withdrawals to three per year to avoid an interest rate reduction. Overall, this receives an Excellent Moneyfacts product rating.”