the battle to encourage people to switch their current account provider, by offering a cash incentive to new customers as well as those who already use its services. In the case of existing customer, such as those who enjoy Nationwide’s mortgage services, they will receive a reward of £125 when switching their current account to the organisation. On the other hand, a slightly lower cash incentive of £100 will be offered to new customers for moving over.
However, cash perks are not the only incentives offered by Nationwide, since Britain’s largest building society has also launched a Flex Instant savings account exclusively for current account members, paying an introductory interest at a 0.35 per cent rate for the first 12 months. In order to access these incentives, the customer should make the switch after 18 August through the current account switch service (Cass), and must take at least two active direct debits with them.
“As a mutual we always look to reward our members’ loyalty with exclusive products and services,” Nationwide’s director of banking and savings, Tom Riley, said. “This is why our new switching incentive offers a higher level of reward for existing members compared to those who are new to the society.”
Other financial service providers who offer rewards for account switchers include Virgin Money, which introduced a £150 gift card for Virgin Experience Days for those who switch to its current account since late June.
