Top News

Nationwide has announced it will hand out £175 cash bonuses to members who meet certain requirements and take specific actions.

To qualify for the payment, customers must move their account from another provider to either a new or existing FlexDirect, FlexAccount or FlexPlus account with Nationwide.

Those applying must also movee two active Direct Debits from their former account and carry out a full switch via the Current Account Switch Service [CASS]. The whole process, including shutting down the old account, must be concluded within 28 days.

After submitting the application, customers need to deposit at least £1,000 and make a minimum of one debit card purchase within 31 days of requesting the transfer. Nationwide has confirmed the £175 will be added to the switched account within ten days once all terms 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 cash if they've already claimed a Nationwide current account online switch incentive since 2021, unless the earlier offer was on a sole account and they're now transferring to a joint account that hasn't previously received an offer, or vice versa.

When applying for a Nationwide bank account, you'll be asked if you wish to transfer from your current bank account.

To begin this process, you'll need to provide your existing bank account details and specify your preferred date for the switch. For the first six days of your transition, you should continue using your current bank account and card.

Nationwide explained: "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 transfer is completed. All Direct Debits, standing orders and any outstanding balance from your previous bank account will be transferred over.

Your old provider will deactivate your card and close your account, while your Nationwide card will be activated.

Any incoming payments to the former account, such as your wages or pension, will be automatically redirected - though you should still inform employers and pension providers of your new account details.