As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
Consumers are running out of time to take advantage of a joint market-leading current account switching deal from Nationwide BS before it’s withdrawn later today (31 March).
The mutual offers £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).
Last updated: 31/03/2025
Overdraft Rate (EAR): 39.90%
Interest Rate (AER): 0.00%
Account Fee: N/A
Representative Example: Based on an overdraft limit of £1,200 charged at 39.90% EAR Variable. Representative 39.9% APR variable.
Overdraft Rate (EAR): 39.90%
Interest Rate (AER): 5.00%
Account Fee: N/A
Representative Example: Based on an overdraft limit of £1,200 charged at 39.90% EAR Variable. Representative 39.9% APR variable.
Overdraft Rate (EAR): 39.90%
Interest Rate (AER): 0.00%
Account Fee: £13.00 per month
Representative Example: Based on an overdraft limit of £1,200 charged at 39.90% EAR Variable. Representative 39.9% APR variable.
These accounts can be opened online via the Nationwide BS Internet Bank or 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This deal is one of a handful currently on the market; Lloyds Bank's £175 switching deal is also set to be withdrawn tomorrow, but first direct continues to offer the same amount for new customers moving to its 1st Account.
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.
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 – 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.
Incentives can certainly make the idea of moving current accounts more appealing. But, before switching, it’s important to weigh up all features of a new account to ensure it sufficiently meets your needs.
This includes considering how much an account charges for using your overdraft, the means by which it can be opened and managed, as well as whether there are any fees involved.
You can find out all this information and more by using our dedicated charts to compare current accounts from across the whole of the market.
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