Nationwide is offering free £200 to anybody with a UK bank account

09 November 2023 , 10:29

1206     0

Nationwide has launched a £200 switch offer (Image: SWNS)

Nationwide Building Society is offering a whopping £200 to anyone who switches their bank account to them.

Customers can switch to either the FlexPlus, FlexDirect or FlexAccount. The switch offer is available to new customers and also existing customers who switch a current account they hold with another provider to Nationwide.

Once Nationwide has opened your new account, it will complete your switch in seven working days. The £200 will arrive within ten calendar days of your switch completing, Nationwide says.

A minimum of two active Direct Debits must be transferred to the new account. Nationwide has also just launched a regular saver account that pays an impressive 8% on up to £200 a month, which you would get access to. This rate is available for one month. Another perk of switching to Nationwide is you may be offered a 0% overdraft on up to £1,500 for one year.

To get the £200, you have to switch using the Current Account Switch Service. Tom Riley, Director of Retail Products at Nationwide Building Society, said: “We want to give people every reason to join and stay with Nationwide. That’s why we are offering new and existing current account customers a top of market £200 if they switch their main banking relationship to the Society.

UK house prices fall again - down 3.2% from last year peak, says Nationwide

“We’re also rewarding our current account customers with a market-leading rate of 8% AER on our Flex Regular Saver. We believe this is a further demonstration of the difference of being part of a modern, member-owned organisation.”

First Direct 1st Account is offering a free £175, 7% regular saver, fee-free overseas spending and a £250 0% overdraft. Lloyds' Club Lloyds account is offering a free £175, plus a choice of rewards including 12 months of Disney+ and six cinema tickets. You could also opt for Coffee Club & Gourmet Society membership or a magazine subscription.

But you need to be careful if you've got upcoming credit commitments, such as planning a mortgage application. Don't make too many switches in a short period time if you've got something important coming up.

* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]

S P Jones