Major financial institution change pays £175 upfront however supply ends at this time – tips on how to apply

A major bank has offered a very enticing £175 to new customers switching to their services – the massive upfront offer ends today – experts have said: ‘Loyalty doesn’t pay, but moving banks can’

A major UK bank has offered a massive upfront offer to customers who make the switch, but there’s a catch – the offer ends today (Monday). Nationwide is offering customers a hefty £175 to customers willing make the jump and leave their existing bank providers and to join Nationwide.

Alastair Douglas, the CEO of TotallyMoney, has revealed more on this very enticing offer. The CEO stated: “There are just hours left before Nationwide removes its £175 current account switch offer from the market. So, it might be worth checking to see if you’re eligible, and especially if you’re not happy with your existing bank.

“To qualify, you’ll need to move banks using the Current Account Switch Service online, transferring two Direct Debits, deposit at least £1,000, and use your new debit card to buy something.”

The CEO continued: “You have three accounts to choose from: the FlexDirect and FlexAccount, or the FlexPlus which carries an £18 monthly fee. Each comes with different perks, including £50 interest-free overdrafts, travel and mobile phone insurance, and 5% AER on savings up to £1,500 for the first 12 months.”

Despite the handsome offer Douglas affirmed customers should do their due diligence researching different banks prior to the switching to make sure their needs were being met.

He noted: “Before applying, do your research — because you might find there’s another bank which is better suited to your own personal needs. First Direct, Lloyds, and NatWest are also offering incentives of up to £175, while others might provide better service, savings rates, or perks. Just remember that loyalty doesn’t pay, but moving banks can.”

Aaron Peake, personal finance expert at CredAbility said: “Nationwide ranks in the top five for customer satisfaction, and they’ve promised to not shut any branches until 2028 — so it could be a good option if you’re need in-person service.

“Just remember, that if you’re applying for an overdraft, the bank will run a credit check on you, so it’s important to look at your report beforehand to make sure that everything is correct and up to date. That way you can you put yourself in the best position to avoid rejection.”

Alongside this free £175 upon switching bank accounts, Nationwide is also offering £50 to a massive 12 million for their existing customers.

To be eligible for the payment, existing Nationwide customers must meet certain criteria:

• You must have a Nationwide current account, savings account, or mortgage established by September 30, 2024
• You should have completed at least one transaction or maintained a balance of £100 or more in the year prior to September 2024
• You must still possess your Nationwide account or mortgage at the time the payment is issued

On the massive giveaway Nationwide has stated in its correspondence: “You don’t need to do anything. We will send the payment to you by cheque, which we will post to the address above by March 14, 2025. You will still need to be a Nationwide member when we send the cheque. You are a member if you bank, save, or have a mortgage with us.”