Nationwide has warned that customers could see a significant amount disappear from their accounts this December due to holiday spending. The building society emphasizes the need for careful budgeting during the festive season.
Nationwide Warns £813 Could Disappear from Your Bank Account This December
By Chourouk Derkaoui
Published on 3 December 2024 12:37
As Christmas approaches, many people are turning to online marketplaces and side hustles to stretch their budgets, with one in three planning to do so, according to findings by Nationwide. The building society warns that account holders are preparing to spend a substantial £813 on Christmas gifts, highlighting the importance of making every penny count this holiday season.
Turning to Online Marketplaces for Extra Income and Gifts
A survey of 2,000 individuals conducted by Nationwide reveals that nearly a third (32%) are selling items on second-hand platforms such as Vinted to generate extra income, while more than one in four (26%) plan to search for gifts on these sites to help curb expenses. These findings underscore the growing reliance on online marketplaces to offset holiday costs.
Financial Strain and Stress During the Festive Season
The festive season is also causing financial strain for many, with 70% of respondents reporting heightened stress or anxiety about their finances compared to last year. Among them, 39% are particularly concerned about meeting the financial demands of Christmas. For those who will need to borrow money, it will account for 42% of their total spending on average, a significant burden for many households.
Nationwide's Commitment to Easing Financial Pressures This Christmas
Marta Edwards, Head of Current Accounts at Nationwide, commented:
“We want to give people lots of reasons to join Nationwide and then stay with us. While our offer of £175 if people switch their main banking relationship to us may ease some financial pressures at this time of year, our current accounts are not just for Christmas.
"With a range of additional benefits available, including our £100 Fairer Share Payment to eligible members and our leading Flex Regular Saver product, we’re sure that people switching to us will quickly see the benefits of being part of a modern, member-owned organisation.”
Nationwide’s £175 Switching Bonus for Christmas Relief
To further help those feeling the financial pinch, Nationwide is offering a substantial incentive for customers switching to one of their main current accounts. Key details include:
- Switching Bonus: £175 for new customers who switch to one of Nationwide’s main current accounts.
- Joint Account Holders: £350 for joint account holders switching together.
- Eligible Accounts: FlexPlus, FlexDirect, or FlexAccount.
- Coverage: The £175 bonus could cover over 20% of the average Christmas spending (£813).
This financial boost could provide valuable relief, especially for those making the switch to Nationwide’s FlexPlus, FlexDirect, or FlexAccount, which may offer additional benefits throughout the year.