Millions who bank with the building society have received free payments this year
Nationwide has paid out free cash to millions.
Millions of Nationwide customers have spotted free payments landing in their bank accounts.
Over 50,000 people have joined the building society in order to bag £200 payments.
Banks often reward switchers with cash payments in order to lure in new customers from rivals.
READ MORE: HMRC deducting £300 from state pensioners’ bank accounts from Saturday
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And Nationwide is the biggest player in this area, attracting around 54,000 new customers between July and the end of September.
Experts say Nationwide’s £100 Fairer Share bonus payment issued to millions of customers each summer has also been a big draw for new customers.
Co-op Bank secured nearly 10,000 new customers during the period, with Monzo and HSBC each gaining over 8,000.
Brits are encouraged to look out for bank-switching deals, which run during most parts of the year.
Banks will pay hundreds of pounds to secure your custom and moving bank accounts has never been easier.
Alastair Douglas, TotallyMoney CEO, said: “The latest current account figures show Nationwide remains the dominant player in the switching market and gained more than 54,000 new customers, largely driven by its simple £200 switch incentive.
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“The bank’s Fairer Share scheme – which rewarded more than 4 million members with a £100 loyalty payment – might also be the reason why Nationwide is winning and retaining so many customers.
“Other winners included Co-Operative Bank (up 9,175) – who had their best quarterly performance with their £175 offer – Monzo (up 8,246) and HSBC (up 8,219).
“On the other hand, Santander lost a net 23,000 customers, Barclays 18,000, and Halifax 15,000.
“These moves were largely driven by the cash bonus offered by each bank, but Monzo is taking a different acquisition approach, paying customers up to £50 to refer a friend – and it’s clearly working.
“In total, the Current Account Switch Service has completed more than 12 million switches, with 99.5% take place in just seven working days, with all incoming and outgoing payments redirected, including Direct Debits, standing orders, and your salary.
“Remember that loyalty doesn’t pay – but right now, six banks will give you cash for your current account.”
