18 Sep 2025

Nationwide launches £175 switching offer

£175 paid to customers switching through the Current Account Switch Service

Nationwide’s current accounts include FlexDirect, offering 1% cashback and 5% AER interest

Comes on top of other benefits customers have received, including leading service and £100 Fairer Share Payment1

Nationwide is offering a new switching incentive2 from 18 September – paying £175 to those moving their current account to Britain’s biggest building society.

It has also confirmed it will continue to offer one per cent cashback on debit card spending for those with a FlexDirect current account, offering a top-of-market interest rate of 5% AER.

Last year, Nationwide returned over £1 billion to eligible members through its £100 Fairer Share Payment1 and Big Nationwide Thank You payment, while this year it paid over £400 million through Fairer Share.

Nationwide, which has placed first for customer service for 13 years running3, has seen a net 1.03 million customers join it since the Current Account Switch Service launched in 2013 – close to four times that of its nearest rival.

Tom Riley, Director of Group Retail Products at Nationwide Building Society, said: “It's never been more rewarding to be a Nationwide member and that’s why we want to help more people benefit by offering this switching offer!”

Switching incentive:

To qualify for the incentive, customers must complete a full switch using the Current Account Switch Service and not have benefitted previously from a Nationwide switching offer (for full list of offer terms see notes to editor). 2

Customers can switch to one of the Society’s three main current accounts (see below) – they can do this via the Nationwide website, Internet Bank, Mobile Banking App, telephone or branch:  

FlexPlus: a market-leading packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £18 per month.

FlexDirect: an online account paying 5% AER credit interest and offering 1% cashback on debit card spend.
FlexAccount: an everyday bank account where customers can bank online and in branch for no fee.

Cashback:

Customers who open a FlexDirect account and haven’t benefitted from a previous FlexDirect incentive will also receive one per cent cashback (capped at £5 per month) for the first 12 months on debit card spend4 alongside receiving 5 per cent AER credit interest on balances up to £1,500 for the first 12 months5.

Notes to editors

Notes to Editor:

1 Nationwide intends to make the payment annually, providing it would not be detrimental to the Society’s financial strength and subject to Board approval, and hopes as many members as possible are eligible for the reward in the future.

2 The new Switching Incentive is available on applications started on or after 18 September 2025. www.nationwide.co.uk/switchaccount

3 Nationwide brand lead as at March 2025: 7.5%pts, March 2024: 5.5%pts. © Ipsos 2025, Financial Research Survey (FRS), for the 12 months ended 31 March 2013 to the 12 months ended 31 March 2025. Results based on a sample of around 47,000 adults (aged 16+). The survey contacts around 50,000 adults (aged 16+) a year in total across Great Britain. Interviews were face to face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of extremely satisfied and very satisfied customers minus the percentage of customers who were extremely or very or fairly dissatisfied across those customers with a main current account, mortgage or savings. Those in our peer group are Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, those in our peer group were Barclays, Halifax, HSBC, Lloyds Bank (Lloyds TSB prior to April 2015), NatWest and Santander.

4 Cashback not payable on ATM withdrawals, gambling or cryptocurrency transactions.

5 After 12 months, the credit interest rate reverts to 1% AER.