Nationwide could cover over a fifth of many people’s Christmas expenses this festive season. This comes as the world’s largest building society’s latest survey found that 70% of people are more stressed or anxious about their financial situation this Christmas, compared to last year.
The research also discovered that more than a quarter (26%) of people plan to use second-hand websites like Depop, Vinted and eBay for Christmas presents, and that Brits will spend an average of £813 on Christmas including presents, travel, food and entertainment. The costs, broken down, include £254 on presents, £137 on food, £108 on entertainment, such as Santa visits and Christmas Eve boxes, £105 on travel, £90 on alcohol, and £119 on “treating themselves”, on average.
Nationwide is currently offering certain people a £175 cash bonus – with the building society explaining that this would cover some 22% of the £813 figure. People who meet certain criteria who switch to a FlexPlus, FlexDirect, or FlexAccount from a non-Nationwide account may be entitled to the cash if they complete the switch within 28 days.
You’ll also need to deposit at least £1,000 – excluding transfers from other Nationwide accounts or Visa credits – and make at least one debit card transaction within 31 days of initiating the switch.
However, certain transactions, such as gambling, may not count, so it’s important to check the terms. Customers who have received a switching bonus from Nationwide since August 18, 2021, or those transferring between Nationwide accounts, are not eligible for this offer.
Once all conditions are met, the bonus payment should arrive in accounts within 10 days and will be listed on bank statements as “Switching Offer”.
Marta Edwards, head of current accounts at Nationwide said: “We want to give people lots of reasons to join Nationwide and then stay with us. While our offer of £175 if people switch their main banking relationship to us may ease some of the financial pressures at this time of year, our current accounts are not just for Christmas.
“With a range of additional benefits available, including our £100 Fairer Share Payment to eligible members and our leading Flex Regular Saver product, we’re sure that people switching to us will quickly see the benefits of being part of a modern, member-owned organisation.”
