Switch to Nationwide's current account boosts financial reward for account transfer
In the competitive world of banking, several financial institutions are offering cash incentives to attract new customers who are looking to switch their current accounts. Here's a rundown of the current deals available from some of the UK's leading banks.
Britain's building society Nationwide has reintroduced a bank account switching deal, offering £175 to new customers. To qualify, customers must complete a full switch, deposit £1,000, make one debit card payment, and transfer at least two active direct debits. Nationwide's FlexDirect account now pays 1% cashback on debit card spending for 12 months, making it an attractive option for those who use their debit card frequently.
Nationwide's net switching gains in January-March 2025 reached 55,578, making it the first bank or building society to surpass the figure. Since the Current Account Switch Service launched in 2013, Nationwide has seen a net gain of 1.03 million customers.
Lloyds is offering £200 to customers who switch to a Club Lloyds or Lloyds Premier account. The switching cash is promised within 10 days of account opening.
Three other banks - NatWest, Lloyds, and First Direct - are also paying switching cash to customers who move their current account. NatWest is offering £175 to customers who switch using the Current Account Switch Service and open a NatWest Select, Reward, Premier Select, or Premier Reward account. To be eligible for NatWest's switching deal, customers must deposit £1,250 in the account and log into the mobile app within 60 days.
First Direct is paying customers £175 to switch their current account through the Current Account Switch Service. The exact period during which customers opening a new account at Nationwide can receive the £175 switching bonus is not provided in the available search results.
Co-op is offering a cash bonus worth up to £175 for new customers who move their current account to a Co-op bank account. The offer is available through the Current Account Switch Service to those opening a Nationwide FlexDirect, FlexPlus, or FlexAccount.
It's important to note that customers who opened a similar account after 18 August 2021 would not qualify for the incentive if they open the same type of account again. Affiliate links may earn This is Money a commission if a product is taken out. However, this does not affect editorial independence.
These offers provide a great opportunity for customers to save money while switching their current accounts. It's always a good idea to compare the deals offered by different banks and choose the one that best suits your needs and financial habits.
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