Pensioners eager for a £175 boost from Nationwide Building Society should pay close attention to the specifics of the rules to claim the funds. The financial institution is enticing potential switchers with a free cash bonus for moving to a FlexPlus, FlexDirect, or FlexAccount current account from another provider.
Even existing Nationwide customers with one of these accounts can get the freebie if they transfer over from another provider, provided the other conditions are met. As part of the service, Nationwide will transfer all your payment arrangements, such as direct debits and standing orders from your previous bank.
However, to qualify for the £175 bonus you need to shift over at least two direct debits. After you begin the switch, Nationwide manages the migration of your payments.
But pensioners and others may not to act themselves to make sure all their details are updated after the switch. Nationwide explains on its website: “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.”
Nonetheless, they issue this important reminder: “You should also let them know your new account details.” For those who primarily rely on pension income, keeping your personal information up to date is crucial to ensure your payments continue to come is as usual. There are other specific conditions to follow when doing the switch.
These include that you need to complete the switch within 28 days, and to close your old account, which Nationwide can do for you upon request. You also have to deposit a minimum of £1,000 into your new account within 31 days of requesting the switch.
Transfers from Nationwide accounts or Visa credits will not count towards this minimum deposit amount. You’re also required to make at least one purchase with your new debit card in that same 31-day timeframe.
One person considering the offer reached out to Nationwide via social media with a question about the direct debits stipulation of their switching offer. They asked: “To qualify for your current bank switch offer would the two direct debits need payments to have already been taken or can they have been recently set up and showing on the existing account?”
Nationwide clarified the point, responding: “In order to qualify for our current account switch offer, the direct debits need to be active and must’ve left your existing account at least once.” Any direct debits set up or moved after initiating the switch won’t contribute towards the qualifying criteria.
It’s also important to recall that you need to bring over at least two direct debits; standing orders or recurring card transactions do not apply. In another instance, a concerned customer reached out to Nationwide after noticing that their newly opened Flex Regular Saver account displayed an interest rate of 0%.
This savings account typically boasts a 6.5% interest rate and allows customers to save up to £200 monthly. Clarifying the confusion, the financial institution explained: “The interest rate will show as 0% until you deposit funds into the account, after which it’ll update to the advertised interest rate. Hope this helps.”