Nationwide BS is the latest provider to offer a £175 switching bonus

Its accounts can also offer other perks, such as cashback on your spending and 5.00% AER interest on balances.

Competition in the current account switching market continues to increase as Nationwide BS launched a £175 switch incentive today (18 September).

Consumers who switch their existing current account (using the Current Account Switch Service) to either the FlexAccount, FlexDirect or FlexPlus account from Nationwide BS could earn a £175 cash bonus.

“Nationwide BS offers some attractive current accounts, which can include some enticing cost-saving benefits. The free cash offer of £175 is a welcome incentive and joins a flurry of other offers to surface this week to attract new customers,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, commented.

“As with any account, its essential consumers compare details carefully and take full advantage of any perks, especially if it carries any eligibility requirements,” she added.

To qualify for the bonus, consumers will need to move over at least two Direct Debits from their existing account as part of the switch. Once their Nationwide BS account is open, they will then need to deposit a minimum of £1,000 and make at least one payment with their debit card within 31 days.

Nationwide BS will pay the £175 into your account within 10 days of meeting all the requirements.

Note that anyone who has previously received a current account switch offer from Nationwide BS since 2021 won’t be eligible.

Cashback, interest and other perks

Depending on the Nationwide BS account you choose, there are a range of additional perks on offer. When selecting a current account, it’s important to consider how suitable it is for your banking habits and the longer-term benefits it may offer, not just the initial cash incentive.

For example, all three accounts offer a £50 interest-free overdraft to customers who are eligible for an arranged overdraft. This buffer can provide extra peace of mind if you accidentally spend more than you have in your account or you need to make a payment that can’t wait until payday.

However, even though an interest-free overdraft can be useful, it’s important that you don’t rely on it and build up debt as this could end up being expensive and damaging for you in the long-term.

Those who will pay in £1,000 or more each month could also get extra benefits from the FlexDirect account. As well as paying a competitive 5.00% AER interest on balances up to £1,500 for the first 12 months (1.00% AER after this period), customers can also receive 1% cashback on their spending over the first year.

They could earn up to £5 per month on all their debit card spending, including payments made online, in-store or over the phone, for example.

Or, for an £18 monthly fee, the FlexPlus account offers travel insurance, mobile phone insurance and breakdown cover, among other benefits. Always check the terms of these policies to see what cover is included, and make sure you don’t already have this cover elsewhere.

Anyone with a Nationwide BS current account also has access to exclusive, members-only products from the building society. For example, they are eligible to open the Flex Regular Saver which pays 6.50% AER to feature competitively on our regular savings chart.

However, always check whether these exclusive accounts offer the best rates; see our savings charts to find out the latest rates currently available across the whole market.

Choosing a switch incentive

This latest switch bonus comes after NatWest and RBS launched a similar £175 bonus on selected accounts earlier in the week, including the NatWest Select Account and the RBS Select Account.

Alternatively, first direct is another provider to give a £175 upfront cash bonus to switchers on its 1st Account, thanks to its long-standing switching offer.

While The Co-operative Bank also offers a total of £175 on its recently-launched switch incentive, this is split into multiple payments so customers will only receive the full amount approximately three months after opening the account.

Offering the highest switch incentive on the market is Lloyds Bank, after it launched its £200 switching deal last week. However, the eligible accounts may come with a monthly fee, which is why it’s so crucial to check the terms of an account (as well as any switching offer) to ensure it’s right for you.

Discover the latest switching offers

With multiple providers launching switch incentives in recent weeks, anyone planning to move current account providers has a range of attractive options to consider.

See our chart for the latest current account switching deals. Or, for more information on a particular account, visit our current account chart page.