Nationwide Building Society has set out an important deadline for savers looking to bag a bonus £175 payment. To be eligible for the free cash, customers must adhere to certain conditions when joining the building society.
A customer got in touch on social media, as they were unsure about the requirements. They asked: “I’m a little confused. As for depositing £1,000 into the switched over account, within 31 days of requesting the switch to qualify for £175 cash, does this mean from date of application, or from the earliest switchover date available?”
Nationwide’s website specifies that at least £1,000 must be deposited into the new account “within 31 days of requesting the switch”. In response, Nationwide clarified the timeline for the customer: “You would need to add the £1,000 within 31 days of requesting the application rather than when the switch took place.”
Additionally, customers are required to make at least one debit card purchase within this 31-day window. Another customer inquiring about the switching offer asked Nationwide: “How long on average does the process take from applying to switch from another bank to your guys current account to receiving the £175 incentive? I’m currently just awaiting the card and pin in post to make my first purchase via card to get the £175.”
Nationwide responded with more details about the steps the customer needed to follow. The building society explained: “The timeframe overall varies however from when you complete the criteria, you’ll receive a text confirming this and then payment is made within 10 working days of the text.”
To get your hands on the bonus, switchers need to move over to a FlexPlus, FlexDirect, or a FlexAccount. Even if you are an existing Nationwide customer using one of these accounts, you can still pocket the money by swapping from another non-Nationwide account, as long as you meet the qualifying rules.
Customers are required to move over at least two active direct debits using the Current Account Switch Service and to complete the switch within 28 days. As for the direct debits, the terms are clear on the official website: “Direct debits set up or transferred after your switch has been started will not count towards this offer.
“Other types of automated payments, such as standing orders and recurring card payments, are not direct debits and will not count towards this.”
By using the Current Account Switch Service, all your payments into the account will move over, such as your wages or your pension. Nationwide will contact your employer and pension provider to tell them about your new bank details, but it’s a good idea to get in touch with those parties yourself too to tell them your new information yourself.