Customers with several banks can get bonus payments
13:21, 13 Oct 2025
Nationwide Building Society is offering some extra cash to switchers(Image: Getty)
Nationwide Building Society customers could be eligible for future free cash from the mutual. The provider is currently offering £175 when you switch to them but more bonus cash could be on the way for millions of members. The group will pay you £175 when you switch to a new or existing FlexDirect, FlexAccount or FlexPlus account.
Those thinking of taking up the deal may want to factor in that they may also qualify for the Fairer Share Payment. The scheme is a way for Nationwide to share its profits with members. There have been three rounds of the payment, for £100 each time.
The most recent round of the payment was earlier this year, with over four million customers receiving £100 paid into their account. Nationwide guidance states: “If you bank as well as save or have a mortgage with us, you could benefit from our Fairer Share Payments.
“And that adds up: some members have received £300 in Fairer Share Payments since 2023. We’d like to make Fairer Share Payments every year, but it depends how we perform financially. For future payments, we may change the eligibility criteria and the amount we pay.”
Who is eligible for the £175 Nationwide switch offer?
The £175 offer is available when switching from a non-Nationwide provider to a new or existing FlexDirect, FlexAccount or FlexPlus account. To qualify, you’ll need to transfer at least two direct debits in the switch and complete a full switch using the Current Account Switch Service, which includes closing your old account.
All this must be done within 28 days to be eligible for the free cash. Customers are also required to deposit at least £1,000 and make one debit card payment within 31 days of either opening their new account or applying to switch.
The £175 payment will be credited to the Nationwide account you’ve switched to, within 10 days of meeting all the criteria. Those switching to a joint account will receive only one £175 payment. This will show up on your statement as ‘Switching Offer’.
Which other banks are offering switch incentives?
Several banks are currently vying for new customers with bonus cash offers. Barclays is the latest to introduce such an offer, promising up to £900 if you switch to them.
A host of providers are offering a £175 incentive if you switch to them, including NatWest, Royal Bank of Scotland, and First Direct. TSB will reward you with £180 to join them while Lloyds Bank is offering £200 to switch to them.
Andrew Byres, financial security and pension planning expert at digital finance tool SafeKeep, urged people to consider switching. He said: “Loyalty rarely pays when it comes to banking. If your savings could grow faster elsewhere, and a switching offer gives you the push to move, it might be time to leave your long-standing bank behind and put more cash in your pocket.”
