Nationwide relaunches £175 current-account switching bonus as market heats up
Nationwide brings back a cash incentive for new current-account switchers, joining NatWest and other banks offering bonuses as competition intensifies.
Nationwide Building Society has relaunched its current account switching incentive, offering new customers £175 if they switch to a Nationwide current account via the Current Account Switch Service. The mutual, which has about 17 million members, said the £175 bonus applies to new customers who open the FlexDirect, FlexPlus or FlexAccount and complete the switch within the required timeline. Nationwide said the cash bonus would be awarded within 10 days of the switch.
To qualify, customers must open the new account via Nationwide s online channels including the website, internet banking or mobile banking app, and request the switch as part of the application. The switch must include at least two active direct debits that are transferred to the new account. Other types of automatic payments such as standing orders do not count. A deposit of at least £1,000 and at least one debit-card payment must be made within 31 days. The offer applies to new customers who open an account on or after 18 September 2025. Customers who previously opened the same type of account after 18 August 2021 may not qualify for the deal; however, moving from a sole account to a joint account or vice versa could qualify.
The FlexDirect account continues to offer 5 percent interest on balances up to 1,500 for 12 months and 1 percent cashback on debit card spending, making the switching bonus more attractive for some customers.
Nationwide has pursued switching incentives as a strategy to grow its current-account base. Since the Current Account Switch Service launched in 2013, the mutual has built a net 1.03 million customers. It reported net switching gains of 55,578 between January and March 2025, making it the first provider to surpass that quarterly figure.
In the broader market, Nationwide faces competition from NatWest, Lloyds, First Direct and Co op. NatWest offers £175 to customers who switch to certain current accounts, with straightforward eligibility tied to opening a qualifying account, depositing funds and logging into the mobile app within a set period. Lloyds is offering £200 for customers who switch to its Club Lloyds or Lloyds Premier accounts, the highest of the current offers. First Direct is paying £175 to switch current accounts via the switching service, while Co op offers up to £150 for new customers who move their current account.
Existing customers can also switch a current account they hold with another provider to an existing Nationwide account via Nationwide s internet banking. The switch must be completed within 28 days of the request.