Britain’s biggest building society is launching a new current account switching incentive which will reward existing members with a higher cash amount than new ones.
Nationwide Building Society said the new incentive and a new competitive savings account will be launched from Wednesday August 18.
The Flex Instant Saver will be exclusively available to current account members and will pay an introductory 0.35% rate of interest for 12 months.
Nationwide will pay £125 to existing members who switch their current account to the Society while new customers will receive £100 for switching.
To qualify for the incentive, switches must be made using the current account switch service (Cass) and a minimum of two active direct debits must be set up on the new account.
Members must use Nationwide’s internet bank to switch a current account they hold with another provider to an existing account they already hold with the Society, or open a new account to switch to using Nationwide’s website, internet bank or mobile banking app.
The switch must be completed within 30 days of it being requested.
People can switch to one of the Society’s three main current accounts, including its FlexPlus packaged bank account which has a fee; FlexDirect which is an online account paying 2% credit interest on balances up to £1,500 and an interest-free arranged overdraft for the first 12 months; and FlexAccount where members can bank online and in branch for no fee.
Tom Riley director of banking and savings at Nationwide Building Society, said: “As a mutual we always look to reward our members’ loyalty with exclusive products and services.
“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.”