Customers of Nationwide Building Society could receive as much as £275 through a combination of switching incentives and member rewards.
The UK's biggest building society is providing £175 to new customers who transfer their current accounts from other providers.
This cash incentive applies to those moving to FlexDirect, FlexAccount or FlexPlus savings accounts from the popular mutual.
Beyond the immediate switching bonus, account holders might qualify for an additional £100 through the society's Fairer Share Payment scheme.
Are you eligible for a free £275 from Nationwide Building Society?
| NATIONWIDE BUILDING SOCIETYThe potential total of £275 combines the guaranteed switching reward with possible future profit-sharing distributions.
These member payments have been distributed in previous years when the building society's financial performance allowed.
It should be noted that Nationwide customers must fulfil several conditions in order to qualify for the £175 switching bonus,
The transfer must involve a minimum of two direct debits and utilise the Current Account Switch Service, which requires closing the previous account.
The building society's 'Fairer Share' scheme has been a popular incentive
| NationwideThe entire switching process must conclude within 28 days in order for someone to claim the hundreds of pounds in free cash.
Additionally, new account holders need to deposit a minimum of £1,000 and complete at least one debit card transaction within 31 days of either establishing their new account or initiating the switch application.
Once all requirements are satisfied, the £175 reward from the lender will arrive in the switched Nationwide account within 10 days.
For customers who have a joint account, they will receive a single £175 payment, which will be labelled "Switching Offer" on statements.
The Fairer Share Payment represents Nationwide's profit-sharing initiative with its members.
Previous distributions saw over four million customers receiving £100 in the most recent round, matching the amount paid in 2024.
According to Nationwide's website: "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."
The building society indicates these payments are not guaranteed annually, as they depend on financial performance. Future distributions may feature different eligibility requirements and payment amounts.
LATEST DEVELOPMENTS:
Britons are looking for the switch deals | GETTYThe banking sector is experiencing intense competition for new customers through switching incentives. Barclays leads with offers reaching £900, while Lloyds provides £200 for transfers.
TSB presents a £180 incentive, while NatWest, Royal Bank of Scotland and First Direct match Nationwide's £175 switching bonus.
Andrew Byres, financial security and pension planning expert at digital finance tool SafeKeep, advocates considering these opportunities.
He shared: "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."