Nationwide Building Society is launching a new current account switching incentive this week that will reward both new and existing customers with free cash, with existing customers set to receive a higher amount than those switching from another provider.
Nationwide will pay £125 to existing members who switch their current account to the Society, while new customers will receive £100 for switching. The new cash incentive and a new competitive savings account will be available from Wednesday, August 18.
The Flex Instant Saver will be exclusively available to current account members and will pay an introductory 0.35% rate of interest for 12 months.
To qualify for the free cash incentive, switches must be made using the current account switch service (Cass) and a minimum of two active direct debits must be set up on the new account.
Members must use Nationwide’s internet bank to switch a current account they hold with another provider to an existing account they already hold with the Society, or open a new account to switch to using Nationwide’s website, internet bank or mobile banking app.
The switch must be completed within 30 days of it being requested.
Members can switch to one of the Society’s three main current accounts, including:
- 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 £13 per month.
- FlexDirect: An online account paying 2% AER credit interest and offering an interest-free overdraft for the first 12 months.
- FlexAccount: An everyday bank account where members can bank online and in branch for no fee.
Flex Instant Saver
Members who open or already hold any of the Society’s current accounts (FlexPlus, FlexDirect, FlexAccount, FlexBasic, FlexStudent, FlexGraduate or FlexOne) will also be able to open the new Flex Instant Saver account, which pays a competitive 0.35% gross/AER.
The introductory rate is payable for 12 months, after which the account will revert to another instant access account.
Members can save up to £5 million into the instant access account, with no limit on withdrawals. The account can be opened online via Nationwide’s website, Internet Bank or Mobile Banking App.
Tom Riley, director of banking and savings at Nationwide Building Society, said: “As a mutual we always look to reward our members’ loyalty with exclusive products and services.
“This is why our new switching incentive offers a higher level of reward for existing members compared to those who are new to the Society.”
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