Nationwide is offering a deal to potential new customers from Wednesday, September 25 – offering a financial incentive to those switching their current account.

People who switch to banking with Nationwide through the Current Account Switch Service will get £175.

As well as the switching offer, Nationwide has announced it will also pay 1% cash back on debit card spending by customers with a FlexDirect account and will introduce a £50 interest-free overdraft buffer.

To qualify, new customers will have to transfer a minimum of two active direct debits to their new Nationwide FlexAccount, FlexPlus or FlexDirect accounts.

They must also deposit £1,000 and make one debit card payment within 31 days.

Customers who open a FlexDirect account and haven't benefitted from a previous FlexDirect incentive will receive the 1% cashback offer.

Customers can switch to one of the Society’s three main current accounts:  

  • FlexPlus: a market-leading6 packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £13 per month7. 
  • FlexDirect: an online account paying 5% AER credit interest and offering 1% cashback on debit card spend.
  • FlexAccount: an everyday bank account where customers can bank online and in branch for no fee. 

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Tom Riley, Director of Retail at Nationwide Building Society, said: “We want to give people every reason to join Nationwide. Our new incentives are the latest demonstration of how we are making banking more rewarding for customers.

"We believe this shows the difference of being part of a modern mutual, which reinvests its profits for the benefit of members and customers, not shareholders.”

First Direct is also tempting potential customers with a £175 offer - but there's not much else around for would-be switchers.