Britain’s biggest building society has launched a £200 switching offer and a linked savings account paying eight per cent interest.

Nationwide Building Society has revealed the Flex Regular Saver that can be opened using their internet banking or mobile banking app.

The banking giant is also launching a regular savings account which is exclusively for current account customers, paying eight per cent per year for 12 months.

Customers of Nationwide must complete a full switch using CASS (Current Account Switch Service) to qualify for the incentive.

In a statement explaining the new offer, Tom Riley, director of retail products at Nationwide Building Society said: “We want to give people every reason to join and stay with Nationwide.

"That’s why we are offering new and existing current account customers a top of market £200 if they switch their main banking relationship to the Society. We’re also rewarding our current account customers with a market-leading rate of eight percent AER on our Flex Regular Saver.

"We believe this is a further demonstration of the difference of being part of a modern, member-owned organisation."

"Once Nationwide has opened your new account, it will complete your switch in seven working days. If you're switching to a current account you already have with us, we'll complete your switch in seven working days from when you ask to switch.”

The statement went on to explain that the £200 will arrive within 10 calendar days of completing the switch. A minimum of two active direct debits must be transferred to the new account and customers can switch to either FlexPlus, FlexDirect, FlexAccount or v8 per cent Flex Regular Saver.

Rachel Springall, a finance expert at Moneyfacts, told the Independent: “Regular savings accounts work differently to easy access accounts, so it’s important customers read through the account’s criteria to ensure it is right for them.”

“It is great to see Nationwide offering a lucrative £200 free cash offer"

She added: “It is great to see Nationwide offering a lucrative £200 free cash offer to entice customers, which could be useful for those looking for a cash boost amid a cost-of-living crisis.

“Nationwide offers some competitive current accounts which have various perks which can suit many different needs.

“Choosing the right current account depends on someone’s spending habits as there are a variety of different accounts out there with their own benefits and charges, so it is worth looking at different options to Nationwide.

“Consumers who are searching for a rewarding bank account may wish to choose one that offers cashback on spending or even on their monthly bills – there are even accounts that pay a monthly reward when certain eligibility criteria is met.

“On the other hand, those consumers who may dip into their overdraft would be better off choosing an account with a competitive overdraft tariff or even an account with an interest-free buffer.

“Those consumers who plan to make frequent trips abroad can also find accounts that don’t charge them for using their debit card in an ATM or in-store, so they can avoid paying out on transaction fees compared to a more traditional bank account.

“Switching current accounts is easy to do using the Current Account Switch Service and some banks will pay an upfront free cash incentive to entice customers.

“However, it’s the overall package of an account that should be weighed up before someone commits to switching their current account.”