Nationwide is offering customers two attractive bonuses, but the choice depends on your banking situation. Could you be £175 richer in just 10 days, or are you eligible for a £205 reward? Find out which offer suits you best and how to claim it.
Nationwide Customers Could Be £175 Better Off in “10 Days” – Plus £205 Direct Payments
By Arezki AMIRI
Published on 30 November 2024 13:30
Nationwide is offering two distinct financial incentives for its customers: a £175 switching bonus for new sign-ups and a £205 deposit for customers maintaining a minimum balance. These offers are part of the bank’s strategy to attract and retain customers in a competitive banking landscape. Understanding the technical conditions and requirements for each bonus can help you decide which offer suits your needs.
The £175 Switching Bonus: A Quick Route to Extra Cash
Nationwide’s £175 switching bonus is designed to entice new customers to switch to one of its three specific accounts: FlexPlus, FlexDirect, or FlexAccount. To qualify, customers must:
- Switch from a non-Nationwide account: The previous account must not be with Nationwide.
- Close the original account: The account from which you are switching must be closed during the process.
- Meet deposit and transaction requirements:
- Deposit at least £1,000 within 31 days of initiating the switch (excluding transfers from other Nationwide accounts or Visa credits).
- Make at least one purchase using the new account’s debit card.
- Complete the switch within 28 days: The switch must be processed and completed within 28 days of initiating it.
Once these conditions are met, the £175 will be credited to your account as “Switching Offer” within 10 days.
The £205 Deposit Bonus: A Reward for Existing Customers
In contrast, the £205 deposit bonus is aimed at existing Nationwide customers with at least £200 in their accounts. This offer encourages customers to maintain higher balances, rewarding them for keeping their money in the bank. The exact terms of this offer are somewhat less detailed, but key requirements include:
- Minimum balance of £200: Customers must have at least £200 in their account at the time of the bonus offer.
- Account activity: Customers must maintain the balance for a certain period, though further details on the duration are not explicitly provided.
The £205 will be credited directly to the account of eligible customers. This bonus aims to reinforce customer loyalty by rewarding those who keep a significant balance in their Nationwide accounts.
Main Differences Between Nationwide's Offers
While both bonuses offer significant financial rewards, they serve different purposes. The £175 switching bonus is targeted at attracting new customers who are looking to move their accounts. The £205 deposit bonus, on the other hand, is geared towards retaining existing customers by encouraging them to keep a higher balance. Below is a breakdown of the major differences:
| Feature | £175 Switching Bonus | £205 Deposit Bonus |
|---|---|---|
| Target Audience | New customers who switch from another bank | Existing customers with a minimum balance |
| Eligibility Conditions | Close old account, switch to Nationwide, deposit £1,000, make at least one debit transaction | Maintain a minimum balance of £200 in account |
| Purpose | Attract new customers | Retain existing customers and encourage savings |
| Payment Timing | Within 10 days after meeting requirements | Credited directly to account, timing unspecified |
| Account Types | FlexPlus, FlexDirect, FlexAccount | No specific account type requirement |
Which Bonus Is Better for You?
If you're looking to switch banks and want a quick cash reward, the £175 switching bonus may be the perfect opportunity. It requires a bit of effort in terms of completing the switch, but the reward is clear and immediate. However, if you’re already with Nationwide and can maintain a balance of £200 or more, the £205 deposit bonus might be the better choice. This offer is simpler, with fewer conditions attached, and may provide a good incentive to keep your savings with Nationwide.