Nationwide’s bank switching offer – how to get 2 x £200

A cash incentive is available to both new and existing customers.

This is a massive increase to the switching bonus from Nationwide – though there are a few changes to how it works from the previous offer.

Here’s everything you need to know.

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How much can you get for switching to Nationwide?

This new cash incentive launched on Monday 3 October 2022 and offers £200.

However, it’s not valid on all Nationwide accounts. Both new and current customers need to switch to one of these accounts:

If you switch into a joint account you’ll only get one payment in total, even if you both individually switch separate accounts into it.

What are the requirements for the switching offer?

First up you need to have one of the above Nationwide accounts. If you don’t already have one, you’ll need to open one online.

You’ll also need to switch from a different bank to Nationwide using the Current Account Switch Service. This moves across all money, standing orders, Direct Debits and incoming payments, while also guaranteeing against anything going wrong.

The switch will take seven working days, though you can set a later date if you want. However, Nationwide require the switch to take place within 30 days to qualify for the cash.

You also need to make sure that you use online or app banking to start the switch. The terms and conditions don’t include phone or branch banking as options. Existing customers can only do this via online banking (not the app).

You’ll need to switch over two “active” Direct Debits, where “a valid regular Direct Debit instruction exists on the account”. This means they need to be live, and possibly already paid out, on the account you will be switching from. This also applies to existing account holders taking advantage of the offer.

If you’re short on ideas for new Direct Debits, then read this article sharing how some easy and cheap ones to set up. These don’t need to stay active once you’ve got the switching money.

Remember, the old account you use for the switch will be closed and you won’t be able to use it anymore.

Can I get the money if I’ve already switched to Nationwide?

This offer is only available once, so you if you use the promotion and switch you won’t be able to do it again. The terms and conditions also say you won’t be eligible again even if they withdraw the offer and launch it again at a later date.

Sadly, this means the increased deal will only be open to those who’ve not had switching cash from the building society since August 18 2021 (when the £100 to £125 offer launched).

Can you get a personal and joint switching bonus?

Unlike other switching offers, there’s the potential to get two payments. One for switching in a personal current account to a personal Nationwide account. And another as well (or if you choose, instead) if you switch a joint account into a new or existing joint Nationwide account.

However, with joint accounts it’s only one payment per account rather than per person.

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How to switch?

I had to log into my desktop Nationwide online banking to switch into my existing account (new customers should have the option to do this as part of the application process).

On the landing page you’ll see your existing account and on the right of this is a drop-down menu. Select switch your account and follow the steps. You’ll need to use either the card reader or a One Time Passcode sent via text to verify you want to do this.

You’ll also need the account number, sortcode and long debit card number of the old account you want to switch from.

In total it took me just three minutes. I set the switch date for three weeks away which gave time for the new Direct Debits I added to the old TSB account to activate (in case you’re interested, Plum and MoneyBox). If you already have two active DDs then don’t need to worry about that. But remember you have to set a date less than 30 days from when you start the switching process.

When will you get paid?

The money will reach your account within 10 days of the switch completion. Once you have the cash you can cancel the Direct Debits if they’ve been set up specifically for this bonus.

Can I still get an extra £25 as an existing customer?

Previously existing Nationwide customers would get a £25 bonus for switching, but sadly this is no longer part of the offer and everyone will get the same £200.

Switching summary

£200 switching offer

Switching bonus£200
Bonus paidWithin 10 days of the switch completing
Open to existing customersYes (more details here)
RequirementsOpen a new or already have a FlexPlus, FlexDirect or FlexAccount
Transfer two Direct Debits
Switch using the Current Account Switch Service and close your old account within 30 days of starting the switch
The old account must be from a different bank
Not received a bonus from a switching ofer since August 18 2021
Offer endsTBC

Is Nationwide any good?

If you’re worried about what your bank (or building society in this case) is doing with your money then in many ways Nationwide current accounts are among the best available.

Though it doesn’t offer the top ethical current account, these accounts are free (Triodos charges £3 a month – here’s my review). And you can be assured your cash isn’t being used to fund things that contribute to climate change, armed conflict or other issues you might not agree with.

It’s also always had great customer service (in my experience at least) and offered decent extras such as interest and overdrafts on accounts.

However, the app leaves a lot to be desired, which is why last year I finally stopped using my FlexDirect as my main account and went over to Starling. The app is fine and will do most things you need, and I’ve no doubt it’ll improve, but it lags well behind the best alternatives.

Which Nationwide account should I choose?

As mentioned there are three accounts where you’ll be eligible for the bonus.

The most popular is the FlexDirect. This offers 5% interest on £1,500 for the first 12 months. However, you can only get this offer the first time you get this account, so you might want to open a standard account for the switching bonus and leave your application for FlexDirect for when you have built up a decent pot.

However this is a great account if you are struggling with your overdraft as you can ask for a 0% overdraft (again only for the first 12 months). It’s possible to check your eligibility for this, and discover the size you’d get, before applying.

The FlexPlus is a packaged account that comes with worldwide family travel insurance, phone insurance and breakdown cover. For £13 a month it’s probably the best value account like this out there – but only if you actually need those extras.

Finally, it’s the FlexAccount. This is a no-frills account but it’ll do everything you need it to do with no charge. I’d suggest this is the best bet for most people taking advantage of this offer.

Nationwide Flex Direct

Benefits0% overdraft for the first 12 months
Interest5% AER (fixed) interest on the first £1,500 saved for 12 months (drop to 0.25% after a year)
Access to 3% AER (variable) Flex regular saver (max £200 a month)
FeeNone
RequirementsPay in £1,000 a month
Multiple accounts?Two – one personal and one joint
NotesTransfers in from other Nationwide accounts don’t count towards the £1,000

Is it worth switching to Nationwide?

Andy’s analysis

Should you take advantage of this offer? Yes. It’s £200, for very little effort.

I’ve written before about why it’s good to have more than one current account, so hopefully you’ll have a spare account specifically for nabbing these bonuses.

If not and you’re thinking of moving your main account over, then obviously check if there are benefits you’ll lose if you do close that old account.

And if you are someone who does all their banking on the app you might be frustrated with Nationwide.

But these can easily be overcome. I’d say try out the Nationwide account and app and see how you go. If it’s not suitable for the long term then you could always open up a new account elsewhere to use as your main account – perhaps the likes of Starling or Monzo – alongside your Nationwide.

Or just switch to another bank later in the year if there’s another offer available.

Are there better switching offers?

Cash incentives for switching come and go. You can keep up to date with all the latest offers here.

Don’t forget that once you’ve switched, you can always switch again later as long as you need the individual offer terms and conditions.

62 thoughts on “Nationwide’s bank switching offer – how to get 2 x £200

  1. I switched my old Nationwide flexBasic account to a Natwest bank current account last month and could I switch back to Nationwide from that Natwest bank account (with 2 active Direct Debits) to claim the £200 switch offer with a Nationwide FlexDirect current account??

  2. Hi Andy,
    Just Switched my bank account to Nationwide, however the only thing that not clear to me is about the direct debit requirements to be able to get the offer of £200. I have direct debit but they are credit cards I’m paying on monthly basis.
    Do you think I will be qualified for the offer?
    Many thanks,

  3. I will be completely honest, I’ve not been impressed with Nationwide since I did the swap. I received the bonus. Is there a time period I have to stay with them before I change again ? Thanks

    1. Hi Daisy,

      How many days did it take them to pay the switch bonus to you?

  4. A couple of months ago I took advantage of the Halifax switch incentive and would like to switch again, I can’t seem to find out if there is any penalty involved in closing the account to switch so soon. Do you know Andy?

  5. Hi, so I read somewhere that the switch bonus is only valid on the first account you switch, so wouldn’t get it upon switching a joint account after. Is there any confirmation that you can get the offer twice this way?

    1. No response, which leaves me wondering. I might try anyway and I’ll update to confirm for anyone else who has the same question, as I’ve got the bonus from my sole account now.

      1. Hi Roz, any update if the joint switch worked for the bonus?

  6. Can I switch my joint account, and then my personal account? Does the order matter?

  7. Do I have to follow a specific order when switching my personal and joint accounts? I want to transfer the joint account then the personal.

  8. I got excited and processed with this switch! Although I am worried I have messed up!
    I am switching from an inactive account (HSBC) although no direct debits come out of this. I have completed the application form for the switch. Although I have now realised I need two active direct debits! (I opted for the earliest switch date).
    Any advice on what I should do?

    Thanks,

    1. Try to set up some fast direct debits as detailed in one of the links above.

  9. Ive just transferred my secondary current account to a flexdirect account on 10 august when is the earliest i can open another incentive account and switch my account again but make sure i receive the £125 from nationwide?

    1. I’d wait until you have the money in your account

  10. If I do a switch and the decide that my direct debits don’t qualify as active, if I do a second attempt Switch from another account with 2 more direct debits will they pay the reward then or will I have lost the chance?

    1. Hmm, don’t know. I think it’s worth setting up a couple of easy direct debits first

  11. Will plum and money box count as two active direct debits. Provided money is taken out at least oncr

    1. Yep, that’s what I did recently for one switch

      1. Hi Andy,

        You have mentioned that we can set up Moneybox as 1 direct debit. Does this apply to a Savings account too or is it just for Stocks and Shares ISA? Also, am I right in thinking that I can set up a direct debit via the app – no direct debit form needs to be completed? Please advise. Thanks. Raj

      2. Are any banks valid for the offer? I currently use Monzo – will this qualify as a bank that I can switch from?

  12. I have switched a joint account from Barclays to Nationwide and received £125. Can I now switch another joint account I hold in Santander into a Nationwide sole account held in my name, and receive a further £125?
    Thanks

    1. You can only get the bonus once per sole and joint account, so if you’ve not had the solo bonus you can get it. However you can’t switch a joint account into a solo account, so you’ll need to find another solo account to switch to Nationwide

      1. Ive signed up to plum amd money box as you recommended. Will that be considered as 2 active debits provided money is taken out at least once. Then began the switch

  13. Hi Andy,
    Quick query that I’m hoping you can clear up for me.
    Me and my wife have received switch bonuses from Nationwide for individual accounts.
    £225 in total as an existing Nationwide account member in my case and new account member for my wife.
    Now if we were to switch to a Nationwide joint account from a joint account from another bank will we qualify for a further £100 for the joint Nationwide account, providing we me meet the other conditions for active direct debits?

    1. Yes, you can get a third bonus this way! And it’ll be £125 as you’re both existing customers

  14. I switched from Nat West to the Nationwide after seeing their £125.00 switch deal…all went smoothly and the account was set up on the 20/9/21..i made contact regarding my bonus switch only to be told that i had missed the switching criteria by one day….apparantely i applied on the 20/8 and all completed by the 20/9..i have been in touch with Nationwide and logged a complaint…this is like a scene out of little Britain where the computer says no!!!.i left it to Nationwide to switch,i was not asked for a date,i left it to them…i cannot be the only person in this position…crazy!!.

    1. I hope the complaint does something. They tend to have good customer service so it’s worth seeing if they’ll do something.

    2. Nationwide did not pay me the £200 switch bonus .I’ve contacted the financial ombudsman service to resolve.

  15. why have i got do to so much trouble to get my £125 switch all i got was £100 customer for over 20 years switched my current account from HSBC bank.I think i will switch to lloyds. phill

    1. I contacted Nationwide about this and they’re aware of the issue and said all affected customers will be contacted. So I’d hold fire for a bit and if they don’t get in touch you can follow up via customer services

  16. just received £100 switching bonus today for switching into my nationwide flex account which i have had for over 20 years. I cant understand why i didnt receive the full £125 swiching bonus? i switched from a lloyds account with 2 direct debits. Can you advise me ? Thanks

    1. Thanks John. Do you mind emailing me [email protected] and I’ll pass this on to Nationwide

  17. Hi Andy

    Are you able to answer my query on 28 Aug below please – have I understood correctly?
    Thanks.

  18. Just switched from a Santander current account to Nationwide FlexDirect. All went ok, no problems with the switch until today when I only got a £100 bonus even though I am an existing customer and have had a joint account and a savings account with Nationwide for over 5 years.

    Exactly the same thing has also happened with my wife today (only £100) and she too has switched from her own Santander 123 account to a new FlexDirect current account with Nationwide.

    Went on to Nationwide’s customer service and was told by a rep that the switch must be into an existing Nationwide account to get the £125. I told her that was wrong, it can be into a new FlexDirect a/.c. I am waiting for a reply on both. Just a warning if it happens to anyone else.

    1. Thanks Steve, Yes terms and conditions clearly say that “You’re an existing Nationwide member if you have a Nationwide current account, savings account or mortgage (excluding buy to let and commercial mortgages). ” So that means £125 not £100!

    2. Steve, do you mind emailing me about this and I can pass your details onto the Nationwide press team?

  19. Hi – i’m in the process of trying to switch both my sole current account from the Halifax and my joint current account from the Nat West. To take advantage of the maximum bonuses I have set up a joint savings account with the Nationwide. My joint Nat West account has plenty of active direct debits to qualify but my sole Halifax current account has no direct debits at all. Is it possible to set up a regular DD payment to my sole Halifax savings account to make up one of the active DD’s and could I also make another to a family member on a monthly basis that they repay me?

    1. Hi Glenn, it depends if it’s a Direct Debit or standing order that’s set up for transferring cash around. I expect it’s the latter.

  20. Found out that to be classed as an active direct debit, it only needs to be set up, but doesn’t need to have actually been paid out prior to switching date. Tried this before you talked about the active direct debits rules, but turns out that the rules aren’t as strict as you said. I have confirmation that I’m eligible as well.

  21. Hi Andy
    Thanks for this information. I currently have a joint Flex account with my husband. Please could you confirm that Nationwide permit me to switch our Barclays joint current account to our joint Flex account for a £125 incentive, and also our individual Lloyds current accounts into two new individual new Flex accounts for £125 incentive each, making £375 in total between us.

    1. HI Jackie, yes that should work as long as you follow all the other terms of the deal

  22. Hi Andy, many thanks for this. I have started the process and opened a savings account to become a “Member”. I have already received my online banking details and can access the portal.

    What is not clear to me is what I should do next. When I go into the FlexDirect product page (Current accounts > Compare accounts > FlexDirect) it gives me 2 options:

    1) Change your Existing Account
    2) Apply for a new Flex Direct

    And there is this note on the ” Switch” option: Switching when you change accounts If you want to change your existing Nationwide current account and switch your Direct Debits and standing orders from another provider, you need to change first and then switch. Once your change is complete, you can switch online from our switch to us page.

    But when I click on “Change” I get this message: Product upgrade unavailable
    “We cannot find your Nationwide Current Account to upgrade. Please check your list of accounts and complete the ‘Missing Account Form’ or contact us for assistance.”

    Should I go for option 2 instead: Apply for a new Flex Direct ? When I click here it seems like a standard application form.

    Not sure what I am doing wrong! Almost giving up the £25 and going for the £100 simple switch only!!

    Many thanks
    Renato

    1. Hi Renato. So it sounds like you don’t already have a current account. In which case you need to apply for one. At the end of the application process, once your account has been approved, you can then start the switch.

      For those that already have a current account they’ll need to switch using the online banking via a desktop/laptop. They’ll find the option to switch in the dropdown menu next to the current account name on the landing page after they’ve logged in.

  23. Hi Andy, I only have one current account with Halifax and am happy with their services. Could I perhaps create another current account with a different bank, and switch from that to nationwide to receive this cash deal?

    1. Yes, you can absolutely do this!

  24. Hi Andy,

    As suggested I have 2 current accounts, the secondary account is a Nationwide Flex Account that includes a monthly credit and 2 direct debits. Please clarify as I am not sure if I qualify for the cash incentive of either amount?

    Thanks

    1. Hi Louis. So you need to switch into the Nationwide account from a different bank, and that different bank needs to have 2 direct debits set up and paid before you complete the switch. Do that and you’ll get the bonus.

  25. So many switching offers at the moment. What a time to be alive (and have accounts ready to switch). I switched a Nationwide account about a year ago to NatWest. Forgive me if I’ve missed it but will Nationwide take back old customers. Ps, thanks for the great work Andy

    1. Yep, you can go back!

  26. I’m slightly confused. So if I’ve already got a FlexDirect Account with a balance, how do I ‘switch’ accounts to receive the £125?

    1. You’d need to switch an account from a different bank into your existing account once the offer starts. The other account needs two direct debits on there before you switch.

      1. Generally when you switch accounts, I open the new bank account and select the switch banks option and enter my old bank details as part of the new application. Is that doable when I’ve already got a FlexDirect account open?

        1. Yes, it will be. You need to switch on the online banking/app (once the offer is live)

  27. Thank you Andy, this is so helpful. Nationwide customer services messaged me since and said ‘So in order to claim the incentive the Direct Debits would of needed to of left your Halifax account at least once, this would be classed as an active direct debit.’ Two questions, sorry! First is how would they know if it had been taken and 2nd of all, if I set up the switch for 28 days say and set up two DDs to charity and the payments come out before the actual switch takes place, do you think that will be ok or should they come out before I even request the switch for 28 days? Worried about waiting until DDs come out before starting process of switch incase they pull it!

  28. I’m pretty sure I took advantage of a switching incentive from Nationwide back in 2011 but I closed the account some years ago. I understand I’ll be eligible for this new switching offer provided I switch 2 direct debits over?

    1. Hi Dave, yep you’ll be eligible for this offer!

  29. Hi Andy you mention becoming a “member” in order to receive the full £125, would doing this also prevent you from having to switch from another account? Also will the account, be it the nationwide instant access saver or a external account, used for switching already have to have the 2 x direct debits set up already to qualify for the incentive? Thank you for bringing this to our attention so early as well!!!! 😉

    1. Hi Kyle, you still need to switch from an old account, whether you’re an existing Nationwide customer/member (it’s the same thing) or not.

      The savings account is just a savings account that makes you a member. You still need to open a new current account and switch from another account with two direct debits.

  30. Thank you for a helpful article. When will Nationwide pay the incentive by and do we know how long this offer will last as I need to move some DD from my main bank to another bank account that I use for switching. Incidentally, if I move DD to a separate bank account that have never been taken before from that bank, will this work as an ‘active’ DD if payment hasn’t actively been taken from that account before? Cheers.

    1. Hi Alex,

      So there’s no detail of how long it’ll last. I’d say get the Direct Debits set up now and remember you can choose a switching date later than the standard 7-days switch. Just make sure it’s less than 30 days from when you begin the process. It shouldn’t matter if the DD hasn’t been paid from the old account before the switch, just that it’s been set up

  31. How do existing customers get it if they already have one of the listed accounts? Is it to open a new account?

    1. Yes, you are eligible with the existing account and there’s no need to open a new account (unless you want to). I’ve asked about whether you need to transfer two direct debits if you already have them set up and will update the article when I get confirmation.

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