Could you use Nationwide's free FlexDirect account to receive £370 in free cash?

In their first year, customers who switch to Nationwide's FlexDirect account could receive up to £370 at no cost

Is it time to switch?

The benefits of Nationwide's fee-free FlexDirect current account have been increased, so new clients may receive up to £370 in free money in their first year.

Customers can now receive up to 120 in free cash from their first year of purchases, which is twice as much as the building society's previous offer of only 60.

When you spend at least £500 on your debit card, you can earn up to £60 in cashback each month.

When you spend at least £300 through direct debits on anything from water bills to streaming subscriptions, you can receive an extra £5 per month in cashback, up to a maximum of £60 annually.

Watch the entire video here: Nationwide's FlexDirect account offers 5% interest on current account balances up to 1,500 in the first 12 months, giving customers up to 75% in interest, in addition to its enhanced cashback offer. After the first 12 months, this interest rate decreases to 1%.

Because the FlexDirect current account is fee-free, monthly account expenses won't deduct any of the free money you accrue during the first year of the account.

Each person with a qualifying account has received an annual "Fairer Share" payment of £100 from Nationwide since 2023. Previously, the payment was only available to those who had an active FlexDirect account.

This implies that you might get an extra 100 bonus if the building society chooses to make the payment once more in 2027.

"With our new free FlexDirect account, customers can still earn interest on money in their account, get cashback on everyday spending, and benefit from a 175 switching offer," stated Fred Powell, head of current account at Nationwide.

He continued, "It means new customers could get up to 295 with Nationwide in their first 12 months and that's without adding the 5% on current account balances and access to savings accounts."

How to switch to Nationwide FlexDirect and receive 370 in free money.

As long as they maintain sufficient funds in their account, some new customers may be able to receive £370 in free cash during their first 12 months thanks to FlexDirects benefits.

First, new Nationwide customers can use the Current Account Switching Service (CASS) to switch their primary bank account to Nationwide and receive a 175 switching bonus.

Customers must switch from an account with at least two direct debits, pay in at least £1,000, and finish a complete switch using CASS within 28 days of opening the new FlexDirect account in order to be eligible for the switch incentive.

After you have an active FlexDirect account, you can receive 5 cashback each month from regular purchases of at least 500 and an additional 5 cashback each month from direct debits of at least 300.

Over the course of the year, this cashback will total 120.

Lastly, the five percent interest on your current account balance during the first twelve months can earn you an additional seventy-five dollars.

You must have a current account balance of at least £1,500 in order to receive the maximum amount, and you must ensure that it stays above this level throughout the year in order to receive the full 75% interest.

When combined, these bonuses allow new customers who switch to Nationwide to receive up to 370 in their first year with a FlexDirect account, or more if Fairer Share is repeated this year.

"Households are undoubtedly looking for simple ways to make their money go farther, so it is incredibly important to take time out to review all the financial products they have, including current accounts, which are often overlooked," stated Rachel Springall, finance expert at Moneyfacts.

"With cashback, credit interest, the switching incentive, and, if the 100 Fairer Share is paid again, a Nationwide FlexDirect account could offer customers up to 470 in value in the first year.

"The account is very appealing overall and offers customers cashback on their regular purchases. Those who maintain a small amount of cash in the account will receive an interest rate that will outpace inflation."

Do you qualify for a FlexDirect account?

You must be at least eighteen years old and a resident of the United Kingdom in order to be eligible for a FlexDirect account.

You must make at least £1,500 in monthly payments to keep the account open. This would probably come from your paycheck each month, but it could also come from savings or other sources.

Additionally, you must acknowledge that your FlexDirect account is solely for personal use and that you have no more than three active Nationwide current accounts, either joint or sole.