said its current account switching incentive had proven popular with switchers and that the latest Switch Service report had shown the building society as having the highest switching gains of all providers.

To qualify for the incentive, customers must complete a full switch using the Current Account Switch Service. A minimum of two active direct debits must be transferred to the new account as part of the switch. Customers must also deposit £1,000 and make one debit card payment within 31 days of opening the account.

A new account must be opened via Nationwide's website, internet bank or mobile banking app and the switch must be requested as part of the application.

Existing customers can also switch a current account they hold with another provider to an existing account they hold with Nationwide via the internet bank, the switch must be completed within 28 days of it being requested.

Customers can switch to one of the society's three main current accounts:

FlexPlus includes worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £18 per month.

FlexDirect, an online account paying 5% AER credit interest and offering 1% cashback on debit card spend.

FlexAccount, an everyday bank account where customers can bank online and in branch for no fee.

Tom Riley, director of retail at Nationwide Building Society, said last year Nationwide returned £385 million to eligible members through a £100 Fairer Share payment, while it remained first for customer satisfaction amongst its peer group for the 12th year running.

He said: "Our switching incentive is a demonstration of how we are making banking more rewarding for customers. We would encourage anyone looking to switch their account to do so now to benefit from the offer as it will be withdrawn later this month."