The building society has announced an important upgradeRory Poulter11:55, 09 Sep 2026Nationwide is stepping up the battle for current account customers. The building society says it is offering a package of perks worth up to £470 in the first year.‌The move could pile pressure on rivals to offer more generous incentives as customers become increasingly willing to switch accounts in search of better deals. The Nationwide has upgraded its popular FlexDirect account, offering new customers up to £120 in cashback as well as a £175 incentive to switch their main bank account. Customers can also earn 5% interest on balances of up to £1,500 for the first 12 months.Taken together, the cashback, switching bonus and interest could be worth £370. But customers who qualify for Nationwide's £100 Fairer Share payment could potentially push the total value to £470. The offer comes as banks and building societies battle to attract customers fed up with rising household costs.Nationwide was the most-switched-to banking provider in the latest Current Account Switching Service figures, attracting 58,000 net new customers from rival banking brands in the last quarter. Under the revamped FlexDirect deal, customers can earn £5 cashback each month if they spend at least £300 through Direct Debits.They can earn another £5 a month by spending at least £500 using their debit card. That means up to £120 cashback over a year.The account also pays 5% interest on balances up to £1,500, potentially providing another £75 over 12 months. To qualify for the cashback and interest, customers must pay at least £1,500 into the account each month.The £175 switching bonus comes with further conditions. Customers must carry out a full switch within 28 days of opening the account, including moving an account with at least two Direct Debits. They must also pay in at least £1,000 and make an eligible debit card payment within 31 days.The offer is not available to people switching from Nationwide or Virgin Money, while customers who have received a Nationwide switching incentive since 2021 are generally excluded. After the first year, the FlexDirect interest rate falls sharply to 1% variable, meaning customers will need to review whether it remains competitive.Rachel Springall, finance expert at Moneyfacts, said households should not overlook current accounts when looking for ways to make their money go further. She said the FlexDirect account could offer up to £470 in value in its first year when cashback, interest, the switching incentive and a potential £100 Fairer Share payment are included.“Households are no doubt looking for simple ways to make their money go further,” she said. Nationwide's Fred Powell said: “Why not make your everyday current account work a bit harder for you?”The building society has also launched a 6.5% Flex Regular Saver, although savers can pay in a maximum of £200 a month. Someone putting away the full £2,400 over a year could earn £84.50 in interest, assuming no withdrawals.Nationwide has paid its £100 Fairer Share payment to eligible members each year since 2023. However, it stresses that future payments are not guaranteed and depend on its financial performance.