Five major high street banks are now offering switching incentives totalling £875 to customers willing to move their accounts. Lloyds, Barclays, Natwest, Co-op and First Direct each provide £175 payments to encourage customer switches.
Nationwide Building Society launched the latest £175 switching incentive on 18 September 2025. The offer joins existing incentives from the four other major banks, creating an unprecedented opportunity for savvy customers to collect multiple bonuses.
Switching requirements
Customers must complete a full switch using the Current Account Switch Service to qualify for incentives. The process requires moving at least two direct debits and cannot be used by anyone who previously benefited from a Nationwide switching offer.
New account holders must pay in at least £1,000 and make one debit card payment within 31 days of opening. The switching service automatically transfers balances, regular income, outgoing payments and saved payees within seven working days.
Expert advice
Alastair Douglas, chief executive of finance firm TotallyMoney, said: "Getting the bonus is easy - you'll just need to use the current account switch service, move over two direct debits, pay in at least £1,000, and make one debit card payment within the first 31 days."
Douglas advised customers to research all available offers before switching. "Co-Op, First Direct, Lloyds, and NatWest are all paying £175 or more for customers to move their money, and you might find that one of them better suits your needs," he said.
"Benefits might include local branches, better service, improved savings rates, and other perks. Just remember that loyalty doesn't pay, but moving banks can."
Additional benefits
Customers switching to Nationwide's FlexDirect account receive additional perks beyond the £175 incentive. The account offers five per cent annual equivalent rate credit interest and one per cent cashback on debit card spending, capped at £5 monthly for the first year.
Tom Riley, director of Group Retail Products at Nationwide Building Society, said: "It's never been more rewarding to be a Nationwide member and that's why we want to help more people benefit by offering this switching offer."
Nationwide members may also receive annual 'Fairer Share' payments, with the building society distributing additional funds to customers since 2023.
Sources used: "Birminghammail", "Liverpool Echo", "Chronicle Live" Note: This article has been edited with the help of Artificial Intelligence.
