Nationwide is offering £175 bonuses to banking customers who switch their non-Nationwide bank account to a new or existing FlexDirect, FlexAccount or FlexPlus account.
To qualify for this offer, you must be able to transfer two existing Direct Debits from your old account and initiate a full switch using the Current Account Switch Service. The switch, including the closure of the old account, must be completed within 28 days.
After applying, you are required to deposit at least £1,000 and make one debit card payment within 31 days of opening the account, or applying to switch into an existing account. Nationwide said that it will then deposit the £175 into the switched account within ten days of all requirements being met.
The building society further explained: “The account must be open when we make the payment. If you’re switching into a joint account, you’ll only receive one £175 payment. The payment will show on your statement as ‘Switching Offer’.”
However, this offer is not available to those who have received a Nationwide current account online switch offer since 2021, unless they had the offer on a sole account and are now switching into a joint account that hasn’t previously received an offer, or vice versa.
When applying for a bank account with Nationwide, they will ask if you wish to switch from your current bank account. To initiate this process, you’ll need to provide your existing bank account details and specify when you want the switch to occur.
During the first six days of your switch, you should continue using your old bank account and card. Nationwide added: “We’ll request all your payment arrangements from your old building society or bank, including your Direct Debits and standing orders, to switch to your new account. You don’t need to do anything.”
On the seventh day, the switch is completed. All Direct Debits, standing orders and remaining funds from the old bank account will be transferred.
Your old provider will cancel your card and close your account, and your Nationwide card will be activated.
Any payments coming into the old account, such as salary or pension, will also be redirected – though you should also inform employers and pension providers of your new account details.
