Cash bonus: What Nationwide Building Society, Barclays, TSB, Lloyds, and NatWest offer for switching current accounts
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Nationwide has launched a £175 offer for people switching their bank accounts.
And given that the building society has paid out £100 in recent years to account holders as part of its Fairer Share payments, this could increase to £275 by next summer.
The scheme opened on September 18, and Nationwide has confirmed that it will continue to offer one per cent cashback on debit card spending for people who have a FlexDirect current account, with an interest rate of 5% AER.
Last year, Nationwide paid more than £1bn to eligible members through its £100 Fairer Share and Big Nationwide Thank You payments, while this year it paid more than £400m under Fairer Share.
Tom Riley, Director of Group Retail Products at Nationwide Building Society, said: “It's never been more rewarding to be a Nationwide member and that’s why we want to help more people benefit by offering this switching offer!”
The accounts eligible for the £175 bonus are FlexPlus, FlexDirect and FlexAccount.
Other banks are also offering switching inducements
Lloyds will pay £200 when you switch, provided you open a new Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account, and use the Current Account Switching Service to switch three or more active direct debits, and close your bank account held with another bank. You can’t do it if you have switched to a Lloyds, Bank of Scotland or Halifax Bank account since April 2020.
TSB
People moving to TSB can earn up to to £180 - £150 for completing a full switch to a new Spend & Save or Spend & Save Plus account, or an existing current account, and then three monthly payments of £10. To qualify for the reward, you need to log into the TSB app, deposit £1,000 and make five payments with your debit card.
Barclays
There’s £200 on offer with a switch to Barclays - if you open a current account in the Barclays app, using the switching service. You need to do it before November 27.
NatWest
NatWest offers a £175 bonus for switching to an eligible reward or select account, which requires a minimum monthly deposit of £1,250.