Nationwide has revealed it will hand out £175 to specific customers for a limited time as part of its latest 'switch' scheme. The building society confirmed the announcement this week, with 'countless people set to benefit' if they're eager to secure a complimentary cash injection before Christmas.
Nationwide stands as the globe's largest building society and Britain's second-biggest mortgage and retail deposits provider. From September 18, the bank will distribute £175 to customers who transfer their current accounts to Nationwide.
The society has also confirmed it will maintain its one per cent cashback offer on debit card purchases for FlexDirect current account holders, providing a market-leading interest rate of 5% AER, reports the Manchester Evening News.
Previously, Nationwide returned more than £1 billion to qualifying members via its £100 Fairer Share Payment and Big Nationwide Thank You payment. This year, it distributed over £400 million through Fairer Share.
Nationwide, which has secured top position for customer service for 13 consecutive years, has welcomed a net 1.03 million customers since the Current Account Switch Service began in 2013.
Tom Riley, Director of Group Retail Products at Nationwide Building Society, said: "It's never been more rewarding to be a Nationwide member, and that's why we want to help more people benefit by offering this switching offer."
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Read more: Nationwide new £175 free cash offer starts today but there are strict conditions
Below is a run-down of how customers can claim their complimentary £175 and who qualifies for the offer.
To be eligible, customers must complete a full switch using the Current Account Switch Service and not have previously benefited from a Nationwide switching offer.
Nationwide says: "This must be the first time you've had one of our current account switch offers since 2021. For more details, read the full offer terms."
Customers can switch to one of the Society's three main current accounts via the Nationwide website, Internet Bank, Mobile Banking App, telephone or branch.
Those who open a FlexDirect account and haven't benefited from a previous FlexDirect incentive will also receive one per cent cashback (capped at £5 per month) for the first 12 months on debit card spend, alongside receiving five per cent AER credit interest on balances up to £1,500 for the first 12 months.
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Nationwide promises to deposit the £175 into the account you've switched into within 10 days of meeting all the requirements. The account must be open when the payment is made.
If you're switching into a joint account, only one £175 payment will be made. The payment will appear on your statement as 'Switching Offer'.
Switch a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount, or FlexPlus. To qualify, your old account must have at least two Direct Debits. A full switch includes closing your old account. Your switch must be completed within 28 days.
Deposit at least £1,000 and make one debit card payment within 31 days of account opening or applying to switch into an existing account. You can deposit the £1,000 in instalments or as a lump sum.
It can come from, for example:
It cannot come from:
You can do this by using your card to pay for something in most shops or online. You only need to use it once to meet this requirement. Recurring card payments count (for example, subscriptions like Netflix or Spotify). So do payments using Apple Pay, Samsung Pay or Google Pay.
These transactions do not count:
You cannot claim this offer if you've received one of our current account online switch offers since 2021. However, you can obtain it again in two circumstances.
Firstly, you previously had the offer on a sole account, and now you're switching to a joint account that hasn't previously received an offer. Secondly, you previously had the offer on a joint account, and now you're switching to a sole account that hasn't previously received an offer.
Apply to switch your bank account: "When you apply for a bank account, we'll ask if you want to switch your existing bank account to us," Nationwide explains. "Let us know your existing bank account details and when you want to switch, and we'll start the process."
During days one to six of your switch: "Keep using your old bank account and card. 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."
Complete your switch on day seven: "Your switch completes. We'll have moved all your Direct Debits, standing orders and remaining money from your old bank account to your new bank account. Your old provider will cancel your card and close your old bank account. It's time to use your new Nationwide card.
Following the completion of your switch: "We'll redirect payments from your old account. This means any payments still going to your old account, like your salary or pension, will be redirected to your new account. And we'll tell the organisation making the payments about your new account details. You should also let them know your new account details."
