Nationwide has enhanced the perks of its FlexDirect current account, which is fee-free. New customers could potentially receive up to £370 in free cash during their first year with the account.
The building society has doubled its cashback offering, allowing customers to earn up to £120 in their first year. This includes £5 a month for spending at least £500 on a debit card and an additional £5 a month for spending at least £300 through direct debits.
In addition to the boosted cashback, the FlexDirect account provides 5% interest on current account balances up to £1,500 for the first 12 months, which could amount to £75. This interest rate reduces to 1% after the initial 12 months.
New Nationwide customers are also eligible for a £175 switching bonus when they move their main bank account using the Current Account Switching Service (CASS). To qualify, a full switch must be completed within 28 days of opening the FlexDirect account, from an account with at least two direct debits, and with a payment of at least £1,000 into the new account.
Nationwide has also made annual 'Fairer Share' payments of £100 to qualifying account holders since 2023. If this payment is made again in 2027, an active FlexDirect account could make customers eligible for an additional £100 bonus.