Nationwide revives current account switching bonus

The sweetener applies to existing customers with the account who transfer more direct debits or standing orders from other banks or building societies over.

The UK's largest society is thought to be targeting the throngs of consumers who have the account for its overseas spending perks but do not widely use it otherwise.

Unlike most current account providers that charge a 3% fee of the amount spent overseas, Nationwide charges nothing in Europe and 1% in most other countries.

Switchers from rival banks or building societies will also earn £75 by applying and moving their payments over.

However, if you want a new account, the Nationwide offer can be beaten, unless you're a regular overseas spender (see the Best Bank Accounts guide).

Wendy Alcock, MoneySavingExpert.com money analyst, says: "For existing customers, this is a nice little earner, handily supplementing its fee-free overseas spending features. "Unless you're a regular overseas spender, other accounts beat this."

How to grab the cash

• Existing account holders must sign-on to their internet banking account (or register first) and click the 'Transfer my account to Nationwide' button and choose 'Transfer all my payments for me'.

• New customers must apply for the FlexAccount online and when given the chance, choose 'Option A – Transfer all my payments'.

This offer ends on 5 March. A similar sweetener was temporarily available last summer and last autumn but only gave a £50 bonus (see the £50 Nationwide bonus MSE News story).

What's in the small print?

• You must apply or transfer payments online, and sign-up to Nationwide internet banking, if not registered.

• You must switch all direct debits, standing orders and bill payments from your nominated account to the society via its official transfer method. If you do not have any payments to transfer, or you move them yourself, you won't get the cash.

• Existing customers with some direct debits or standing orders already set up will get the bonus if they transfer the full set from elsewhere.

• The offer is only available to those who have, or qualify for, a Nationwide debit card.

• If you qualify, you'll get the cash eight weeks after the paperwork is complete.

Further reading/key links

Top accounts: Best Bank Accounts Overseas spending: Cheap Travel Money Best savings rates: Savings Accounts