Nationwide offers Britons £100 bonus and 2% interest rate – are you eligible for boost?

Martin Lewis gives advice on switching banks before Christmas

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This offer is available to anyone who opens a FlexPlus, FlexDirect or FlexAccount via the Current Account Switch Service. Existing members of the building society who currently have a mortgage or savings account won’t miss out either, they’ll get a £125 bonus for switching their current account.

The money will be deposited into the account once the switch is completed.

Customers will need to earn £1,500 each month and have it paid straight into their account as well as setting up two direct debits.

The Current Account Switch Service is free for customers and ensures that all direct debits and upcoming payments are moved over within seven days, so people don’t need to do anything.

All three Nationwide accounts offer attractive benefits for people depending on their circumstances and needs.

balances up to £1,500

Customers will also get two percent interest rate on balances up to £1,500 if they open a FlexDirect account.

This latest offering is one of the most attractive options currently on the market, however the rate is introductory, meaning it will drop to 0.25 percent AER (0.24 percent gross a year) variable after the first 12 months.

Customers will need to pay in £1,000 a month, which doesn’t count transfers from other Nationwide accounts or Visa credits.

For most people the fee free FlexAccount will be sufficient for their needs.

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Alternatively, its FlexDirect account offers a two percent AER for 12 months on balances up to £1,500.

Families might benefit from opening a FlexPlus account which costs £13 a month but includes free breakdown cover, mobile phone cover and travel insurance.

What happens if someone has an overdraft?

Bank accounts that have an arranged overdraft can still be switched using the Current Account Switch Service.

Nationwide will not be able to guarantee an overdraft but they will look into someone’s circumstances to see if they can offer the same.

The building society is urging savvy savers to hurry because the deal will not be around forever, although it is not clear when this will actually come to an end.

More than six million Britons have switched bank accounts through the Current Account Switching service to date.

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Money Saving Expert Martin Lewis has previously recommended taking advantage of these offers to get hold of free cash.

Free cash is always tempting but what suits one person when it comes to choosing the best bank account might not suit another.

Individuals are encouraged to consider aspects such as interest rates and overdraft fees.

Added benefits like free breakdown cover and home insurance are all well and good if they will be taken full advantage of.

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