Nationwide Building Society is set to discontinue its generous £175 current account switching offer at the end of March. This decision marks the conclusion of one of the most attractive banking incentives currently available in the market. The switching offer has played a crucial role in helping Nationwide secure a dominant position within the current account switching landscape. After March 31, this enticing opportunity will no longer be accessible.
This change follows a remarkable period for the institution, as recent data from the Current Account Switch Service (CASS) revealed that Nationwide welcomed 22,622 new customers between July and September 2024—the highest figure recorded by any UK bank or building society. Utilizing switching bonuses has been a key tactic for Nationwide to attract customers from traditional high-street competitors, reflecting its broader strategy to reward its members.
As this lucrative offer comes to an end, many are likely to wonder what other incentives exist for individuals considering switching their bank accounts. Here, The i Paper explores the available options.
How to Claim the £175 Before the Deadline
With the deadline fast approaching, those interested in taking advantage of Nationwide’s £175 switching bonus must act quickly. To qualify for this offer, customers need to meet the following criteria:
- Complete a full switch using the Current Account Switch Service (CASS), which automatically transfers all payments and closes the old account.
- Transfer at least two active direct debits to the new account.
- Deposit a minimum of £1,000 and make at least one debit card payment within 31 days of switching.
Customers have the option to switch to one of Nationwide’s primary current accounts:
- FlexPlus – This premium account offers worldwide family travel insurance, mobile phone cover, UK and European breakdown assistance, and fee-free spending abroad for £18 a month.
- FlexDirect – This account provides 5% interest on balances up to £1,500 for the first 12 months, along with 1% cashback on debit card spending.
- FlexAccount – A straightforward, fee-free everyday banking solution.
To be eligible for the switching bonus, accounts must be opened via Nationwide’s official website, online banking, or mobile app. Existing Nationwide customers also have the option to switch an external account into their existing account.
What Other Switching Deals Are Available?
While Nationwide’s exit from the switching incentive arena is notable, it doesn’t mean that there aren’t other cash bonuses up for grabs. Here are some of the best alternatives currently available:
- Lloyds Bank – Offers a £175 bonus to Club Lloyds customers, along with perks such as up to 4.5% interest on savings and lifestyle rewards.
- First Direct – Provides a £175 bonus alongside access to a 7% linked savings account, making it an appealing option for savers.
- Santander – Offers a £150 switching bonus, although some accounts may incur monthly fees.
- TSB – Has been known to offer up to £200 to switchers, though these deals can vary throughout the year.
Is It Worth Switching?
While a cash incentive may seem like an attractive short-term gain, it’s essential to evaluate the long-term benefits of switching to a new bank account. Before making a decision, consider the following:
- Monthly Fees – Some accounts, like Nationwide’s FlexPlus and Santander’s 1|2|3, come with fees but offer additional perks such as insurance and cashback.
- Interest Rates – If earning interest on your balance is important, options like Nationwide FlexDirect and Lloyds Club Lloyds provide higher rates.
- Cashback Offers – Certain banks reward spending with cashback on bills and everyday purchases.
- Customer Satisfaction – Nationwide and First Direct are known for consistently ranking high in customer service and reliability.
How to Switch Your Account
Thanks to the Current Account Switch Service (CASS), changing banks is now a quick and hassle-free process. The service ensures a complete switch within seven working days, automatically transferring all direct debits, standing orders, and salary payments. Customers can expect no payment disruptions, allowing bills and transactions to continue smoothly. Additionally, CASS provides a switch guarantee, meaning any errors or issues will be addressed by the new bank.
Tom Riley, director of retail at Nationwide Building Society, stated: “Our switching incentive is a demonstration of how we are making banking more rewarding for customers. We encourage anyone looking to switch their account to do so now to benefit from the offer, as it will be withdrawn later this month.”
