Tens of 1000’s of Nationwide members have seen bonuses land of their accounts
Nationwide is the world’s largest constructing society (Picture: ilbusca by way of Getty Photographs)
Nationwide has a protracted historical past of giving free cash to members, most notably by its annual Fairer Share Fee.
The constructing society has paid out £100 annually since 2023. Nevertheless it’s additionally been rewarding new clients with its switching incentive.
Latest figures present Nationwide gave greater than 40,000 members a £175 switching bonus in simply two months.
Present account switches have exceeded a million for the third consecutive yr following a spike in customers in search of higher offers in the direction of the tip of 2025.
Nationwide Constructing Society attracted 41,450 clients between July and September, with savers enticed by its £175 switching incentive and annual funds by its profit-sharing scheme.
The ultimate quarter of 2025 proved the busiest interval, recording 350,114 present account switches, in response to figures from the Present Account Change Service (Cass).
The service permits customers to switch their present account robotically by having funds redirected to a brand new supplier.
Some folks switch their funds outdoors of Cass, which means the figures offered exclude these switches.
There have been 1,054,521 switches in complete all through 2025 – marking the third successive yr that switches have surpassed a million.
Nevertheless this represents a decline in comparison with the volumes recorded in 2023 and 2024, when elevated rates of interest have been pushing up financial savings charges within the market.
Rates of interest have been falling since August 2024.
Nationwide secured the best variety of clients switching to its present accounts between July and September, with Cass’s knowledge revealed three months in arrears.
It was adopted by Monzo and NatWest, which added 9,934 and eight,731 respectively.
Learn extra: Excessive road financial institution fingers out £175 if Brits full one job in 10 days
On the reverse finish of the spectrum, clients have been departing from banks together with Santander, which shed virtually 20,000 present accounts throughout the interval. Halifax and JP Morgan’s Chase additionally skilled a loss, with 17,341 and seven,623 accounts switching away respectively.
John Dentry, product supervisor at Pay.UK, which operates Cass, mentioned: “That degree of exercise is a transparent signal of a wholesome, aggressive banking market, the place folks really feel empowered to buy round and transfer to an account that higher meets their wants.
“At a time when each pound issues, we would like customers to really feel assured they’ll transfer their cash to an account that higher fits their wants – shortly, simply, and with the reassurance of a free, assured swap.”
Andrew Hagger, private finance knowledgeable at Moneycomms, praised Nationwide for standing “head and shoulders above each different supplier” when it comes to gaining clients from opponents.
“Nationwide has been notably robust over the past two years, profitable an enormous 404,207 clients from competitor banks,” he famous.
Alastair Douglas, chief government of TotallyMoney, noticed that present account switching “heated up” in the direction of the tip of 2025, including: “And we’re unlikely to see issues decelerate any time quickly, as a powerful seven banks are presently providing swap incentives of at the least £175, together with Co-op, First Direct, HSBC Premier, Lloyds, Nationwide, Santander and TSB.
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“You may additionally discover a new financial institution can give you higher service, an interest-free overdraft or excessive road branches.
“Loyalty does not pay, however most of the time, shifting your cash can.”
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