Nationwide, the UK's most-switched banking brand, is enhancing its FlexDirect current account, giving new customers the opportunity to earn £295 (switching incentive, debit card cashback, direct debit cashback) in value in their first year.
The fee-free current account will also continue to offer 5% interest on balances up to £1,500 for the first 12 months, while doubling the cashback available to new customers to a maximum of £120 over the same period.
On top of this, customers who switch their main current account to Nationwide using the Current Account Switch Service can also receive a £175 switching incentive.
Combined, these benefits could be worth up to £370 – see below:
How FlexDirect could be worth £370:
|
Benefits |
Maximum value |
|
Switching incentive |
£175 |
|
Debit card cashback |
Up to £60 |
|
Direct Debit cashback |
Up to £60 |
|
Interest 5% (maximum potential interest up to £1,500 balance) |
Up to £75 |
|
Maximum potential value |
£370 |
The move comes as more households look to make their money go further, with research showing 79 per cent of adults say their cost of living has increased¹. Current account switching remains one of the simplest ways to unlock additional value, particularly when moving to an account that rewards everyday banking.
Nationwide was named the most-switched-to banking provider in the latest Current Account Switching Service figures after attracting 58k net new customers from other banking brands in the last quarter.
Alongside FlexDirect, Nationwide customers can also benefit from a Flex Regular Saver paying 6.50% AER/gross a year (variable), helping them make even more of their money. Someone saving the full £2,400 would receive £84.50 interest if they made no withdrawals over the year.
In addition, each year since 2023, Nationwide has paid £100 Fairer Share² to eligible members with a qualifying current account and a qualifying mortgage or savings.
Fred Powell, Head of Current Account at Nationwide Building Society, said: "We all have bills to pay and essentials to buy, so why not make your everyday current account work a bit harder for you? With our new fee free FlexDirect account, customers can still earn interest on money in their account, get cashback on everyday spending and benefit from a £175 switching offer. It means new customers could get as much as £295 with Nationwide in their first 12 months and that’s without adding the 5% on current account balances, access to savings accounts and no matter what your financial situation there is something for everyone.”
Rachel Springall, Finance Expert at Moneyfacts, said: “Households are no doubt looking for simple ways to make their money go further, so it is incredibly important to take time out to review all the financial products they have, including current accounts, which are often overlooked.
“Nationwide’s FlexDirect account could offer customers up to £470 in value in the first year, including cashback, credit interest, the switching incentive and, assuming the £100 Fairer Share is paid again. The account is highly attractive all-round and rewards customers on their day-to-day spending with cashback. Those who keep a bit of cash in the account will earn an inflation-busting interest rate.”
- Ends -
Rachel’s maths - workings: £120 cashback + £75 interest on £1,500 at 5% for 12 months + £175 switching incentive + £100 Fairer Share, if paid again and eligible = £470.
FlexDirect breakdown:
Customers must pay in at least £1,500 per month, to become eligible to access the monthly cashback and interest rewards.
Cash back:
- £5 cashback each month when they spend at least £300 on direct debits – max £60.
- £5 cashback each month when they spend at least £500 on their debit card – max £60.
- Equivalent to up to £120 cashback in the first year.
Interest:
- 5% AER/gross a year (fixed) on current account balances up to £1,500 for 12 months.
- After 12 months, the rate changes to 1% AER (0.99% gross a year) variable.
To qualify for the switch incentive, customers need to:
- Eligible customers who switch their main current account to Nationwide using the Current Account Switch Service can also receive a £175 switching incentive.
- Complete a full switch to a FlexDirect account within 28 days of opening it.
- Switch from an account with at least two direct debits.
- Pay in at least £1,000.
- Make one eligible debit card payment within 31 days of account opening.
