Nation rewards higher cash incentives for customers switching to their existing accounts

Nation rewards higher cash incentives for customers switching to their existing accounts

British Banks Offer Cash Incentives for Current Account Switches

Several British banks are offering cash bonuses to new customers who switch their current accounts, as competition heats up in the banking sector. Here's a roundup of the current offers:

1. Nationwide Building Society has reintroduced a bank account switching deal worth £175. To be eligible, customers must complete a full switch, deposit £1,000, and make one debit card payment within 31 days. Additionally, they must set up at least two active monthly payments or direct debits and switch at least one recurring payment to Nationwide within a specified time frame. The FlexDirect account from Nationwide now offers 1% cashback on debit card spending for 12 months.
2. NatWest is paying customers £175 if they move their current account using the Current Account Switch Service. Customers who switch to NatWest Select, Reward, Premier Select or Premier Reward accounts will be eligible for the switching cash.
3. First Direct is also offering £175 to customers who switch their current account through the Current Account Switch Service.
4. Co-op Bank is promising a cash bonus worth up to £175 for new customers who move their current account to a Co-op bank account.
5. Lloyds Bank is offering £200 to customers who switch to one of its current accounts, but only if they switch to a Club Lloyds or Lloyds Premier account.
6. Switching cash is promised within 10 days of completing the switch for all the aforementioned banks.

In addition to these cash incentives, there are other attractive offers available. For instance, Nationwide is offering up to £100 free shares, and there are no fees on 30 funds with an offer. Lloyds is offering £20 savings on motoring.

Since the Current Account Switch Service launched in 2013, Nationwide has had a net gain of 1.03 million customers. In the first quarter of 2025, Nationwide saw net switching gains of 55,578, making it the first bank or building society to surpass this figure in a single quarter.

It's important to note that customers who opened a Nationwide account after 18 August 2021 and qualified for a previous incentive will not qualify if they open the same type of account again. At least two active direct debits must be transferred to the new account as part of the switch.

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