This comes as it’s announced that less than a fifth (17%) of adults have switched a bank account in the past year.
Nearly half (45%) of 18 to 24-year-olds surveyed said they had moved banks in the past year compared with just 4% of those aged 65 and older, the research for audit and advisory firm KPMG found.
Cash incentives, better customer service and more competitive interest rates were among the top reasons why people said they had last switched their bank.
Alastair Douglas, CEO of TotallyMoney, says: “You have three accounts to choose from: the FlexDirect and FlexAccount, or the FlexPlus which carries an £18 monthly fee. Each comes with different perks, including £50 interest-free overdrafts, travel and mobile phone insurance, and 5% AER on savings up to £1,500 for the first 12 months. ”
The FlexDirect deal offers 5% AER (4.89% gross a year) fixed for the first 12 months.
They pay interest monthly, up to £1,500. Keep that much in your account the whole time and you could earn up to £75 over the year. After a year, the interest rate is 1% AER (0.99% gross a year) variable.
They also offer up to £60 cashback on debit card purchases for 12 months
Earn 1% monthly cashback (up to £5 a month) when you spend on your debit card – whether online, over the phone or in-store. Contactless, Apple Pay, Google Pay, Samsung Pay and recurring payments also count.
If you’re eligible for an arranged overdraft, the first £50 is interest-free. After that, you’ll pay 39.9% a year compounded (variable), so think carefully before overspending.
To apply for FlexDirect, you need to:
- be 18 or over
- be a UK resident
- agree the account is for personal use only
- hold no more than 4 existing sole or joint Nationwide current accounts
- register for our Internet Bank during your application.
To get the 12-month interest and cashback offers, you’ll need to pay in at least £1,000 each month, not counting transfers from other Nationwide accounts or Visa credits.
You won’t get the offers if you’ve had a FlexDirect account before. But you will get the offers on a new joint account, as long as you have not shared a FlexDirect account with that person before.
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To get the £175 welcome when you switch, there are some further hoops to jump through.
- Switch to Nationwide online
- Close your non-Nationwide bank account when you switch. We’re able to do this for you – just make sure you select this option when you’re requesting your switch
- Complete your switch within 28 days
- And within 31 days of requesting the switch, you need to:
- Put at least £1,000 into the account, not counting transfers from other Nationwide accounts or Visa credits
- Pay for something once using your debit card.
Some transactions – like gambling – don’t count towards this, so make sure you check the terms.
Alastair adds: “Before applying, do your research — because you might find there’s another bank which is better suited to your own personal needs. First Direct, Lloyds, and NatWest are also offering incentives of up to £175, while others might provide better service, savings rates, or perks. Just remember that loyalty doesn’t pay, but moving banks can.”
Aaron Peake, personal finance expert at CredAbility says: “Nationwide ranks in the top five for customer satisfaction, and they’ve promised to not shut any branches until 2028 — so it could be a good option if you’re need in-person service.
“Just remember, that if you’re applying for an overdraft, the bank will run a credit check on you, so it’s important to look at your report beforehand to make sure that everything is correct and up to date. That way you can you put yourself in the best position to avoid rejection.”
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