If you’re looking for a way to boost your bank balance, Nationwide’s latest incentive might just catch your eye.
The high street building society has launched a new package that promises customers up to £370 in financial perks, combining a traditional switching bonus with added extras over the course of a year.
The switching bonus comes in at £175 when you set up a FlexDirect account, and there’s also another £195 in cashback to be had.
Starting to see pound signs?
It’s an enticing deal, but there’s some small print worth bearing in mind too.
Here’s how to get the free cash, as well as the hidden catches you need to watch out for before you make the switch.
How to get Nationwide’s bank switching bonus
There are a number of key criteria you must meet to get this offer.
Firstly, when bank switching, you need to use Nationwide’s Current Account Switch Service, and open up a FlexDirect, FlexAccount or FlexPlus account.
You have to switch from a non-Nationwide or non-Virgin Money account, and this has to be a ‘full switch’ meaning you must close the previous account, and move at least two direct debits within 28 days.
You’ve got 31 days to pay in at least £1,000, and make one debit card payment.
Meet these criteria, and you’ll get the £175 switching bonus.
The next extra wedge of cash only applies to switching to the FlexDirect account.
With this, you can get £5 cashback per month (£60 in total), if you pay at least £300 in direct debits per month (this can be payments like utility bills or insurance).
You can also get a further £5 cashback per month (another £60 in total) if you spend at least £500 on your debit card each month.
Eligible spending on the debit card includes contactless or online payments and recurring payments like streaming subscriptions, but there are some exceptions, such as gambling. You can find the full offer terms here.
You have to pay in at least £1,500 into your new account each month. If you do, you can qualify for one or both each month. If you do both, that’s £120 cashback in total over the first year.
Then, for the first month, Nationwide are currently offering a 5% AER (4.89% gross a year) for the first 12 months.
Interest is only paid up to £1,500, but if you hold that amount in your account over the course of the year, that’s an extra £75.
Customer must be 18 or older and a UK resident and cannot take advantage of this if they have held a FlexDirect account in the last three years or received a Nationwide current account switch incentive since 2021.
What is the ‘Fairer Share’ scheme?
Additionally, if you qualify for Nationwide’s separate ‘Fairer Share’ member bonus scheme, you could potentially see another £100 in your bank account, which can bring the absolute maximum potential bonuses up to £470.
The building society runs the Fairer Share initiative to pass its financial success directly back to its members instead of external shareholders. Eligible account holders can land a tidy £100 bonus deposited straight into their accounts.
To qualify for the payout, customers generally need to hold an active everyday current account with the society alongside a qualifying savings account or a residential mortgage.
However, the extra £100 is not completely set in stone.
The mutual makes it clear that while it hopes to repeat the payout every single year, handing out the cash depends entirely on how well the business performs financially.
Find out the terms and conditions here.
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