The Nationwide switch offer is available to new and existing customers
This is a welcome return of the switching bonus from Nationwide, and once again it’s good news for couples as there’s potentially three switches available.
And if you do it AND add money to savings before 31 March 2025 you’ll hopefully qualify for an extra ‘Fairer Share’ payment in the summer.
Here’s everything you need to know.
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How much can you get for switching to Nationwide?
This new cash incentive launched on Wednesday 25 September 2024 and offers £175.
Unlike other banking offers, both your personal and joint account are eligible for the offer, meaning £525 is available for a couple.
Who qualifies for the switching offer?
Unlike the last Nationwide switch offer, this one is open to both new and existing Nationwide ‘members’.
To get the money you need to have one of the following Nationwide accounts. If you don’t already have one, you’ll need to open one online or via the Nationwide app: The accounts are:
Can you get a personal and joint Nationwide switching bonus?
Nationwide is the only switch offer that potentially lets you have two payments. There’s one available for switching in a personal current account to a personal Nationwide account. And another (as well or instead) if you switch into a new or existing joint Nationwide account.
However, with joint accounts, you can only get one payment per account rather than per person. But that means there’s a total of £525 up for grabs for couples.
Can I get the money if I’ve previously switched to Nationwide?
This offer is only available once per personal and once per joint account. Sadly, this means the deal will only be open to those who’ve not had switching cash from Nationwide since 18 August 2021 (when the first offer was launched).
However if you’ve only switched one of a personal or joint account you’ll be able to switch the other one and get the cash.
What are the requirements for the Nationwide switch offer?
Once you have the eligible current account and meet the other eligibility criteria, you’ll need to do the following.
Switch from a different bank
You’ll need to switch from a different bank to Nationwide using the Current Account Switch Service. This moves across all money, standing orders, direct debits and incoming payments, while also guaranteeing against anything going wrong. However, your old bank account must be closed in order to get the free cash.
The switch will take seven working days, though you can set a later date if you want. However, Nationwide require the switch to take place within 28 days to qualify for the cash.
You won’t be eligible if you requested to switch before 25 September 2024.
You also need to make sure that you use online or app banking to start the switch. The terms and conditions don’t include phone or branch banking as options.
Switch two direct debits
You’ll need to switch over two “active” direct debits, where “a valid regular direct debit instruction exists on the account”. This means they need to be live, and possibly already paid out, on the account you will be switching from. This also applies to existing account holders taking advantage of the offer.
If you’re short on ideas for new direct debits, then read this article sharing some easy and cheap payments to set up. These don’t need to stay active once you’ve got the switching money.
Remember, the old account you use for the switch will be closed and you won’t be able to use it anymore.
Deposit £1,000
A new addition to the offer this time around is the requirement to add £1,000 to your account within 31 days. Usually this can be done in more than one deposit, and rarely has to stay in the account for more than a day (if that). So you could add a smaller amount, say £500, withdraw it, and then pay it in again to hit the total.
Use the debit card
Another extra task in the criteria is to use your Nationwide debit card once within 31 days. There’s no minimum spend required.
The following won’t count towards your qualifying transaction:
- Cash withdrawals
- gambling
- cryptocurrency transactions (including payments to crypto exchanges, foreign currency transactions)
- travellers’ cheques
- money orders
- loan
- lease and mortgage payments
- money transfers.
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When will you get paid?
The money will reach your account within 10 days of the switch completion. Once you have the cash you can cancel the Direct Debits if they’ve been set up specifically for this bonus. You can also switch away to another bank if you wish.
When will the Nationwide bank switch offer end?
The offer ends on 31 March 2025.
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In 2025 it’s expected that Nationwide will repeat the 2023 and 2024 ‘Fairer Share’ bonus, which was worth £100 each time to eligible customers.
The criteria to qualify for this are much easier if you switch over as you don’t need to do more than half of the activites required by existing customers.
However, there is one very important step you should follow before the switch offer ends on 31 March 2025. You will need to open up a separate Nationwide savings account and deposit £100. This only needs to stay in the account for one day, and can withdraw it after this if you wish.
The best account is the Nationwide Flex Regular Saver, paying a very decent 6.5%.
Is Nationwide any good?
If you’re worried about what your bank (or building society in this case) is doing with your money then in many ways Nationwide current accounts are among the best available.
Though it doesn’t offer the top ethical current account, these accounts are free (Triodos charges £3 a month – here’s our review). And you can be assured your cash isn’t being used to fund things that contribute to climate change, armed conflict or other issues you might not agree with.
It’s also always had great customer service (in my experience at least) and offered decent extras such as interest and overdrafts on accounts. There’s also a member loyalty bonus, paid in 2023 and 2024 that could return in future years.
Previously I’ve had issues with the app, but it’s improved a lot recently. Though it’s not as good as the likes of Starling or Monzo, it’ll do most things you need, and I’ve no doubt it’ll improve.
What do customers say?
Customer reviews on our sister site Smart Money People rate the FlexDirect account at 4.24 out of 5, liking the customer service and the availability of high street branches. The app is where people think it could do better.
Which Nationwide account should I choose?
There are three accounts where you’ll be eligible for the bonus.
The most popular is the FlexDirect account. This offers 5% interest on £1,500 and 1% cashback on spending (capped at £5 a month) for the first 12 months. However, you can only get this offer the first time you get this account, so you won’t get either offer if you’ve had it before.
The FlexPlus is a packaged account that comes with worldwide family travel insurance, phone insurance and breakdown cover. It’s due to increase in price to £18 a month in December 2024 which is quite expensive compared to alternatives.
Finally, it’s the FlexAccount. This is a no-frills account but it’ll do everything you need it to do with no charge. I’d suggest this is the best bet for most people taking advantage of this offer.
All three will get you access to Nationwide’s 6.5% paying regular saver.
Nationwide Flex Direct
| Benefits | 0% overdraft for the first 12 months |
| Interest | 5% AER (fixed) interest on the first £1,500 saved for 12 months (drop to 0.25% after a year) |
| 1% cashback on spending (capped at £500 a month) for 12 months | |
| Access to 6.25% AER (variable) Flex regular saver (max £200 a month) | |
| Fee | None |
| Requirements | Pay in £1,000 a month |
| Multiple accounts? | Two – one personal and one joint |
| Notes | Transfers in from other Nationwide accounts don’t count towards the £1,000 |
Is it worth switching to Nationwide?
Andy’s analysis
Should you take advantage of this offer? Well, if you’re already a Nationwide member then absolutely. Though previous offers have been £200, there’s no guarantee the higher rate will return.
I’ve written before about why it’s good to have more than one current account, so hopefully you’ll have a spare account specifically for nabbing these bonuses.
If not and you’re thinking of moving your main account over, then obviously check if there are benefits you’ll lose if you do close that old account. Or just switch to another bank later in the year if there’s another offer available.
Switching summary
Nationwide switch offer: £175
| Switching bonus | £175 |
| Bonus paid | Within 10 days of the switch completing |
| Open to existing customers | Yes |
| Requirements | Open a new or already have a FlexPlus, FlexDirect or FlexAccount |
| Switch using the Current Account Switch Service and close your old account within 28 days of starting the switch | |
| Transfer two direct debits | |
| Deposit £1,000 within 31 days | |
| Make one debit card transaction within 31 days | |
| The old account must be from a different bank | |
| Not received a bonus from a switching offer since 18 August 2021 | |
| Offer ends | Unknown |
Are there better switching offers?
Cash incentives for switching come and go. You can keep up to date with all the latest offers here.
Don’t forget that once you’ve switched, you can always switch again later as long as you need the individual offer terms and conditions.
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