Nationwide will be offering a £175 switching bonus; take advantage of this offer right away

After gaining thousands of customers last year, the building society is ending its bank switching offer at the end of this month

We go over how to be eligible for the bonus for switching current accounts.

Nationwide is pulling its market-leading 175 switching bonus at the end of March, after gaining the most current account customers out of any bank or building society.

Right now, the bonus is the largest switching offer for clients transferring their existing account; Lloyds Bank and First Direct also pay 175 percent.

With Nationwide having the largest net switching gains of any provider, the incentive has proven to be well-liked by switchers, according to the most recent Current Account Switch Service report.

TSB (12,282), Barclays (18,053), and Nationwide had the largest net switching gains from July to September 2024, according to the most recent data available (22.622).

"Invests profit for the benefit of members" is how the building society describes its 175 bonus. Last year, Nationwide paid out 100 Fairer Shares, returning 385 million to eligible members.

As long as it "would not be detrimental to the society's financial strength and subject to board approval," it plans to make another Fairer Share payment this year, having done so for the past two years.

With over 17 million members, Nationwide is the largest building society in the world. Since last September, it has been offering its 175 bonus. It provided a larger 200 switching bonus before that.

"Our switching incentive is an example of how we are making banking more rewarding for customers," stated Tom Riley, director of retail at Nationwide Building Society. We would advise anyone who wants to change their account to do so right away in order to take advantage of the deal, which will expire later this month.

How to get the 175 switching bonus offered by Nationwides.

You must act quickly if you wish to take advantage of the 175 switching perk, as it will be removed at 23:59 on Monday, March 31.

Unlike other switching incentives, the Nationwide bonus is available to both new and existing customers. You must use the Current Account Switch Service to finish a full switch in order to be eligible. A complete switch indicates that all payments have been moved to the new account and the old account has been closed.

In order to complete the switch, at least two active Direct Debits must be transferred to the new account. Customers have 31 days to make one debit card payment and deposit £1,000.

Keep in mind that not all debit card transactions are eligible, including cash withdrawals, cryptocurrency or gambling transactions, and mortgage payments.

Furthermore, no other Nationwide account or credit card may be used to obtain the £1,000 credit.

You must use the Nationwides website, internet bank, or mobile banking app to open the new current account. The application must include a request for the switch. You can transfer an existing account you have with another provider to an existing Nationwide account if you are a Nationwide customer. The switch must be completed within 28 days of it being requested.

Customers have the option to switch between Nationwide's three primary current accounts.

FlexDirect: a fee-free online account that pays 5% AER credit interest and 1% cashback on debit card spend for the first 12 months FlexAccount: a fee-free bank account where customers can bank online and in branch; FlexPlus: a packaged account that includes commission-free usage abroad for 18 months, mobile phone insurance, UK and European breakdown coverage, and worldwide family travel insurance.