Nationwide BS launches new benefits for current account customers – including £175 switching offer

As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.

Nationwide BS today launched three attractive benefits for its current account customers, including a market-leading switching deal, cashback on debit card spending and a £50 interest-free buffer on selected overdrafts.

Explaining the reason for these latest offers, Tom Riley, Director of Retail at Nationwide BS, said: “We want to give people every reason to join Nationwide,” adding that they demonstrate how the mutual is “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,” Riley concluded.

It comes as Nationwide BS returned a total of £385 million to nearly four million eligible members earlier this year as part of a £100 ‘Fairer Share’ payment.

To find out how you can take advantage of any of the new incentives, keep reading below:

Market-leading switching deal

Nationwide BS is offering a joint market-leading £175 to eligible customers who complete a full switch to either its FlexAccount, FlexDirect or FlexPlus current accounts via the Current Account Switch Service (CASS).

These accounts can be opened online via the Nationwide BS Internet Bank, website or using its mobile banking app, and you’ll need to request a switch as part of your application. Alternatively, existing customers can make the move from a current account with another provider to a qualifying account already held with Nationwide BS via its Internet Bank.

The switch must be completed within 28 days of being requested, which includes transferring a minimum of two direct debits. Meanwhile, you’ll have 31 days from opening to deposit at least £1,000 into the account and make one debit card payment in order to receive the cash incentive.

This deal joins only one other switching offer currently on the market; earlier this month, first direct relaunched its £175 incentive for new customers moving to its 1^st Account.

Earn 1% cashback on debit card spends

Those opting for a FlexDirect account who haven’t previously benefitted from a FlexDirect incentive will also enjoy 1% cashback on debit card spending for the first 12 months from opening (capped at £5 per month).

This is in addition to receiving 5.00% AER on in-credit balances up to £1,500 for the first 12 months – the market-leading interest rate paid by a current account.

The absence of annual management fees also means any cashback or interest earned isn’t diluted, making the account a “great contender” against similar offers, according to Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

However, she said the Chase Current Account also currently pays 1% cashback on spending but has a higher cap of £15 per month for new customers.

£50 interest-free overdraft buffer

Furthermore, new and existing Nationwide BS customers who hold either a FlexPlus, FlexDirect or FlexAccount will have access to a £50 interest-free overdraft buffer in November – reducing the representative APR from 39.9% to 38.2%.

However, it should be noted the introductory overdraft offer on the FlexDirect account will be withdrawn for new accounts and instead replaced by cashback. Existing customers who are already benefitting from a previous offer will also see no change.