Nationwide Building Society has announced it will withdraw its market-leading £175 current account switching incentive as customers only have weeks left to take advantage of this deal.
The building society will axe the offering March 31, 2025, which attracted numerous customers looking to change their banking provider.
This particular incentive is part of Nationwide’s approach as a modern mutual, reinvesting profits for the benefit of its members.
According to the latest Current Account Switch Service report, Nationwide achieved the highest net switching gains among all providers.
Last year, Nationwide Building Society returned £385million to eligible members through a £100 Fairer Share payment.
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Nationwide Building Society is urging customers to take advantage of its deal as soon as possible
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The society has also maintained its position as first for customer satisfaction amongst its peer group for the twelfth consecutive year.
In order to qualify for the £175 incentive, customers must complete a full switch using the Current Account Switch Service.
A minimum of two active Direct Debits must be transferred to the new account as part of the process. Customers are also required to deposit £1,000 and make one debit card payment within 31 days.
New accounts must be opened via Nationwide’s website, Internet Bank or Mobile Banking App. The switch must be requested during application and completed within 28 days of being requested.
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Existing customers can also switch accounts from other providers to their building society account via Internet Banking.
Customers can switch to one of Nationwide’s three main current account, including the FlexPlus. This is a market-leading packaged account costing £18 per month.
It includes worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad.
Furthermore, customers can switch to the FlexDirect is an online account paying five per cent AER credit interest. It also offers one per cent cashback on debit card spend.
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Bank customers are looking for accounts that offer competitive returns Pexels As well as this, customers are able to swap to Nationwide’s FlexAccount, which is an everyday bank account with no monthly fee.
Tom Riley, the director of Retail at Nationwide Building Society, outlined why Britons should consider the £175 switching deal before the looming deadline.
He explained “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.”