Nationwide customers are set to benefit from a £310 injection in their bank accounts, it has emerged. Nationwide is offering customers £175 to switch from your current account to its Nationwide FlexDirect account as the Cost of Living crisis continues.
Customers then also get five per cent interest on balances up to £1,500, as well as 1 per cent cashback for 12 months, a 6.5 per cent regular savings account and a free £50 overdraft to boot, the building society – which is the UK’s largest – says.
It means £85 interest on top of the £175 cash for a total of £260, as well as £50 overdraft for £310. MSE explains: “Nationwide is offering a host of perks to newbies switching to its FlexDirect account. On top of the £175 free cash, there’s 5% AER interest on current account balances up to £1,500 for a year (maxed out that’s £75), 1% cashback for 12 months up to £5/month, plus a 0% overdraft on up to £50.
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“You also get access to a linked regular saver paying 6.5% variable interest for a year on up to £200/mth (maxed out, it’s £85/year interest). You can also get the free £175 by switching into Nationwide’s £13/month FlexPlus packaged account or its bog-standard FlexAccount – though the 5% interest and 1% cashback aren’t available with these accounts.
“You can’t have switched into a Nationwide account, or have received switch cash from Nationwide, since 18 Aug 2021. Open the account online or via app (also works if switching into an existing FlexDirect account, though you won’t get the interest or cashback perks).
“Switch an account from a different bank, incl 2+ Direct Debits, within 28 days. Within 31 days of requesting the switch, pay in £1,000+ and make at least one payment using the debit card. The £175 is paid within 10 days of meeting all the criteria.”