A Nationwide Building Society customer queried the time period for their account switch as it seemed to be taking longer than usual.
The individual contacted the provider over social media to ask: “My 7 day current account switch is going to take 15 days, or 11 days not including weekends, is this normal?”
You can switch to Nationwide using the Current Account Switch Service, which automatically moves over your direct debits and other arrangements from the old account.
Information on the Nationwide website explains: “Switching your bank account is designed to be simple, reliable and stress-free.
“You can switch in just 7 working days, and our dedicated team will move over your payments, balance and even your payees.”
But in response to the customer, Nationwide said this timeframe can vary. The group said: “Account switches can take over 7 days in specific circumstances.”
The provider urged the person to call up on 03457 302011 to find out the latest on the progress of their switch.
If you are thinking of switching to Nationwide, it may pay to start the process now as you can currently get a £175 payment when switching from a non-Nationwide provider.
You can get the cash incentive when switching to a FlexPlus, FlexDirect or FlexAccount. Even customers who already have one of these accounts can get the funds, as long as they are moving over from a non-Nationwide provider.
To qualify for the payment, you need to switch over at least two active direct debits – these can’t be set up after you have started the switch.
Some other things you have to do to pocket the bonus cash include paying it at least £1,000 into the account and making a payment using your new debit card.
Savers with big name banks are also being encouraged to shop around for a better deal as they could get a better interest rate elsewhere.
Amy Knight, personal finance expert at NerdWallet UK, said: “If you’ve been inconvenienced by IT disruptions, disappointed by measly interest rates, or if you’re keen to explore tools and features from other digital providers, it could be time to break up with your bank.
“Big-name banks rely on the fact that due to their size, tenure and established brand identity, they have accrued a lot of loyal customers.
“They can afford to be less generous with interest rates on savings because they know people get stuck in their ways and many won’t take the initiative to find a better deal elsewhere. Don’t be one of them.”
