Competition Heats Up For Current Account Switching – Forbes Advisor UK

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3 October: Nationwide Launches Top £200 Welcome Bonus For Current Account Switchers 

Nationwide has stormed the current account switching market by offering a £200 windfall to switchers.

To receive the top cash incentive, customers must make a full switch to the provider’s FlexAccount, FlexDirect or FlexPlus current account from another provider – and move across at least two Direct Debits. 

Nationwide, the UK’s largest building society, is one of several providers currently scrambling to attract new current account customers with sizable cash rewards for switching

Santander, First Direct, Royal Bank of Scotland and Natwest are all offering new customers £175 to switch, while Lloyds is offering £150.

These represent the highest rewards any bank has paid new customers since March 2020, according to analysts Defaqto.

Tom Riley, director of banking and savings at Nationwide, said: “With the

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