Nationwide launches £200 account switching deal to new customers - with cash paid before Christmas

Nationwide is paying new customers £200 to switch current accounts and the cash should be paid out before Christmas.

The deal is currently the highest cash perk on the market as several major banks compete to entice customers to join.

By comparion, NatWest and Royal Bank of Scotland are both offering a £175 freebie, while Lloyds Bank is offering £150.

To get the £200, customers need to sign up for a Nationwide current account via the Current Account Switching Service.

You have to switch within 60 days of requesting it, and once the switich is successful, you will receive the £200 within 10 days, providing plenty of time before Christmas.

Customers must complete a full switch to qualify for the cash boost, including a minimum of two active direct debits which must be transferred to the new account.

What are the current account options? 

The cash offer is available for all three of Nationwide’s main current accounts which include:

FlexAccount : An everyday bank account where members can bank online and in-branch for no fee

FlexDirect: This is similar to the FlexAccount. It is free, and a perk is that it also pays 5% interest on up to £1,500 for a year - that’s a maximum of £75.

FlexPlus: A packaged account with perks like worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free use abroad. It costs £13 per month.

New accounts can be opened on Nationwide’s website or via internent or mobile banking.

Tom Riley, Nationwide director of banking and savings, said: “With the rising cost of living, many people are reviewing their financial products to ensure they continue to offer good value.

“Nationwide is now offering a market-leading £200 to new and existing members who switch their current account to the Society.”

What other account switching deals are available? 

TSB is paying £180 for customers who take out its Spend and Save current account. If you set up two direct debits you can get £125 by 16 December. The rest will be paid later, but to get the money you will need to take the account out through MoneySuperMarket or MoneySavingExpert.

First Direct is also paying £175 to customers taking out its 1st Account. To claim the money, customers will have to put £1,000 into the account when it opens. After that there is no minimum amount to pay into the current account every month.

NatWest and sister bank Royal Bank of Scotland are both paying out £175 to customers who switch. The NatWest and RBS Reward current accounts give switchers £175 in cash plus £5 a month cashback.