Nationwide Building Society is offering new customers up to £250 in switching bonuses, combining an initial £175 payment with additional benefits under certain conditions. This initiative, reported by BirminghamMail, aims to attract new account holders while clarifying eligibility rules regarding direct debits.
A £175 Bonus for Switching Accounts
Customers who transfer their current account to Nationwide can receive a £175 bonus, provided they meet specific criteria. The switch must be made from a non-Nationwide bank account and include at least two active direct debits, which must have already processed at least one payment before the transfer.
The process must be completed within 28 days of initiation, and the existing account must be closed as part of the switch.
Additionally, within 31 days of requesting the transfer, customers must deposit at least £1,000 into their new Nationwide account, ensuring that the funds do not originate from another Nationwide account or a Visa credit transaction.
To finalise eligibility, they must also make at least one purchase using their new debit card within the same timeframe, excluding any transactions related to gambling.
In addition to the initial bonus, customers opening a FlexDirect account can benefit from a 5% interest rate on balances up to £1,500. This means they can earn an extra £75 over a year if they maintain the maximum balance.
Multiple Accounts Eligible for the £175 Bonus
Nationwide offers several current accounts that qualify for the £175 bonus, each with distinct benefits. The FlexDirect account provides a 5% interest rate on balances up to £1,500 for one year, along with 1% cashback on debit card purchases and an interest-free overdraft of up to £50.
The FlexPlus account, a premium option costing £13 per month, includes worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover.
For those seeking a more straightforward option, the FlexAccount offers a standard current account with no monthly fee. However, only the FlexDirect account includes the enhanced interest rate and cashback offer.
Additional Benefits for Nationwide Customers
Nationwide account holders can also benefit from cashback on debit card payments, with a rate of 1% capped at £5 per month for 12 months.
They have access to a fee-free arranged overdraft of up to £50 and can open a linked savings account that offers an interest rate of 6.5% on deposits of up to £200 per month.
An Offer Limited to New Customers
Nationwide has confirmed that this offer is only available to customers who have not switched to a Nationwide account since August 2021. Those who have previously received a switching bonus from Nationwide are not eligible for this promotion.
With this double bonus and competitive interest rates, Nationwide aims to expand its customer base by offering attractive incentives for those willing to switch their accounts.
