Nationwide revives £175 switching bonus for current-account switchers

Nationwide has reintroduced its £175 cash-switch bonus for new customers who move their current account to the mutual via the Current Account Switch Service. The incentive is available when opening a Nationwide FlexPlus, FlexDirect or FlexAccount, and the cash bonus is paid within 10 days of the switch.

In addition to the cash bonus, new FlexDirect customers will receive 1% cashback on debit card spending for 12 months. The move comes as Nationwide, which has about 17 million members, ramps up efforts to win current-account customers. Nationwide has attracted a net 1.03 million customers since the Current Account Switch Service began in 2013, and in the January-to-March 2025 period posted 55,578 net switches — the first time a provider has surpassed that quarterly figure, according to Current Account Switch Service data published with a three-month lag.

To qualify, customers must complete a full switch to a Nationwide FlexPlus, FlexDirect or FlexAccount through the Current Account Switch Service. The new account must be opened via Nationwide’s website, internet banking or mobile banking app, and the switch must be requested as part of the application. At least two active direct debits must be transferred to the new account; other automatic payments such as standing orders do not count. Customers must deposit £1,000 in the account and make one debit-card payment within 31 days. The switching incentive is available to new customers who open an account on or after 18 September 2025. If a customer opened a sole or joint account after 18 August 2021 and qualified for the previous incentive, they would not qualify if they opened the same type of account again. However, if they previously opened a sole account and now open a joint account they would be eligible for the deal and vice versa. Existing customers can also switch a current account they hold with another provider to an existing account they hold directly through Nationwide’s internet banking. The switch must be completed within 28 days of it being requested. The £175 bonus makes the FlexDirect offer more attractive, as that account pays 5% interest on balances up to £1,500 for the first 12 months and now includes 1% cashback on debit card spending.

Nationwide is one of five banks currently offering a cash incentive to switch current accounts. NatWest is paying £175 to new customers who move to NatWest Select, Reward, Premier Select or Premier Reward accounts, with an additional requirement to deposit £1,250 and log into the mobile app within 60 days. Lloyds is offering £200 to switch to one of its current accounts, the highest bonus among the providers cited, but the offer is limited to Club Lloyds or Lloyds Premier. First Direct is also paying £175 to switch via the Current Account Switch Service, and Co‑op is offering up to £150 for new customers who move their current account to a Co-op bank. Terms apply across all offers and conditions.

The latest switching push underscores ongoing competition among UK banks and building societies to win new customers, alongside other incentives such as periodic “Fairer Share” payments and benefits tied to savings or mortgage products.