People across the UK could be eligible for the free cash
Nationwide has laid out all the criteria to be met before it will issue £175 bonus payments this year. The world’s largest building society has also explained who is exempt from receiving the cash.
Nationwide is offering the bonuses to customers who complete certain actions and meet specific requirements. To qualify for the payment, customers must switch their account from another bank to either a new or existing FlexDirect, FlexAccount or FlexPlus account with Nationwide.
Applicants must also transfer two active Direct Debits from their old account and complete a full switch using the Current Account Switch Service [CASS]. The whole process, including closing the old account, must be completed within 28 days.
After applying, customers need to deposit at least £1,000 and make a minimum of one debit card transaction within 31 days of requesting the switch. Nationwide has confirmed it will pay the £175 into the switched account within ten days once all requirements have been met.
The building society said: “The account must be open when we make the payment. If you’re switching into a joint account, you’ll only receive one £175 payment. The payment will show on your statement as ‘Switching Offer’.”
Customers won’t qualify for the bonus if they’ve already received a Nationwide current account online switch incentive since 2021, unless the earlier offer was on a sole account and they’re now switching to a joint account that hasn’t previously received an offer, or vice versa. During the application process for a Nationwide bank account, you’ll be asked if you wish to switch from your current bank account.
To begin this process, you’ll need to provide your existing bank account details and specify your desired switching date. For the first six days of your switch, you should continue using your old bank account and card.
Nationwide added: “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.”
On the seventh day, the switch is completed. All Direct Debits, standing orders and any remaining balance from your old bank account will be transferred.
Your previous provider will deactivate your card and close your account, while your Nationwide card will become active. Any payments coming into the old account, such as your salary or pension, will be automatically redirected – although you should still inform employers and pension providers of your new account details.
