A loyal Nationwide Building Society customer was frustrated to be learn that they may not qualify for an £175 bonus payment.
The group is currently offering customers £175 when they switch from a non-Nationwide account to a current account with them.
You can get the funds when switching to a FlexPlus, FlexDirect or FlexAccount, and existing customers may be eligible, as long as they move over from another provider and they follow the rest of the rules.
The customer reached out over social media to ask: “We’ve had our mortgage and joint flex account with you for 30+ years. I was about to switch my personal current account to you to get the switch offer, but I don’t have £1,000 to transfer unless I borrow it from another Nationwide account – why isn’t that allowed?”
Nationwide replied to spell out the rules: “As per the Ts&Cs of the Current Account Switch Offer, the £1,000 credit requirement doesn’t include transfers from other Nationwide accounts or Visa credits.”
They referred the confused customer to the information page explaining the requirements to get the bonus cash.
The rules state that within 31 days of requesting the switch, you must “pay at least £1,000 into your Nationwide account”.
Customers are advised: “This will not include transfers from other Nationwide accounts or Visa credits. If you are switching into an existing Nationwide account, it will not include money already in that account, but it will include any money you are transferring as part of the switch e.g. the balance from the current account held with another provider that you are switching from.”
Another person contacted the building society over social media with a question about this rule to get the £175 bonus payment.
They queried: “For your current account switch offer, can the £1,000 transfer requirement be my salary being paid in? Or does it need to be an actual transfer from the old account?”
The group responded to clarify that this £1,000 minimum payment into the account “doesn’t need to be a transfer”, and referred them to the rules as well.
Other rules to note are that within the same 31-day period, you also have to pay for something using your debit card for the new account.
You have to switch from a non-Nationwide bank account with at least two active direct debits – this will not include direct debits set up after the switch has been requested, and standing orders or recurring card payments do not count.
You also need to close your previous bank account when you switch, which you can ask Nationwide to do for you when you request the switch.
The switch has to be done online and must be completed within 28 days. Savers looking to switch may also want to consider Lloyds Bank’s switching offer.
Lloyds is likewise offering £175 when you move over to them, to open a Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. You can read the terms and conditions here.
