Nationwide Building Society has announced that it will be withdrawing its popular £175 switching incentive on March 31.
The incentive, which has been a strong draw for customers switching their current accounts, offers a generous cash boost for those moving to the building society’s current accounts.
But with just weeks left to claim the reward, Nationwide is urging customers to act quickly.
The £175 offer has proven to be a hit with account switchers, contributing to Nationwide’s success in recent reports.
According to the latest Current Account Switch Service (CASS) report, the building society has seen the highest net switching gains of all financial providers.
With just weeks left to claim the reward, Nationwide is urging customers to act quickly (Image: Getty)
This surge in new customers has helped Nationwide solidify its position in the competitive UK banking market.
The building society argues the incentive is just one of many ways it demonstrates a commitment to its customers.
Last year, Nationwide returned £385 million to its members through a £100 Fairer Share payment, an initiative aimed at rewarding long-term customers.
Tom Riley, Director of Retail at Nationwide Building Society, said: “Our switching incentive is a demonstration of how we are making banking more rewarding for customers.
“We would encourage anyone looking to switch their account to do so now to benefit from the offer as it will be withdrawn later this month.”
How to qualify for the £175 incentive
To qualify for the £175 switching incentive, customers must complete a full switch via the Current Account Switch Service, which includes moving at least two active Direct Debits to the new account.
Additionally, customers must deposit £1,000 and make at least one debit card payment within 31 days of switching. Customers can choose to switch to one of three Nationwide current accounts:
* FlexPlus: A comprehensive, packaged account that includes worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover, and commission-free usage abroad for £18 per month.
* FlexDirect: A high-interest account that pays 5% AER on credit balances and offers 1% cashback on debit card spend.
* FlexAccount: A straightforward, no-fee account that allows customers to manage their money online or in-branch.
To switch, customers must open a new account via Nationwide’s website, Internet Bank, or Mobile Banking App, with the switch completed within 28 days of the request.
Nationwide’s offer follows a trend of strong incentives among UK banks, as they jostle for new customers in a highly competitive market. Other banks are also offering substantial rewards to entice people to move their accounts, with some of the most prominent recent offers including:
First Direct: First Direct is offering £175 for new customers who switch to its current account using the CASS service. The bank also guarantees 24/7 customer support, adding to its appeal.
HSBC: HSBC is offering £200 to customers who switch to its Advance current account, which provides a range of benefits including access to financial products and services tailored to customers with a higher income.
Santander: Santander is promoting its 123 Lite account with a £150 cashback incentive. The account offers cashback on household bills and purchases, making it ideal for those looking to maximize their rewards.
The move to withdraw the £175 incentive at the end of March means that those hoping to take advantage of Nationwide’s deal will need to act fast.