Millions of people across the UK could be in line for a welcome cash boost this year, as Nationwide Building Society confirms the specific criteria for its £175 switching bonus. The member-owned financial giant has laid out a clear roadmap for customers to follow if they wish to receive the incentive, while also clarifying who will be exempt from the offer.
How to Qualify for the £175 Payment
To be eligible for the £175 payment, customers must complete a full current account switch to Nationwide. The switch must be from another bank into either a new or an existing FlexDirect, FlexAccount, or FlexPlus account. Crucially, the process must be executed using the Current Account Switch Service (CASS), which automates the transfer of payments.
Applicants are required to move a minimum of two active Direct Debits from their old account as part of the switch. The entire process, including the closure of the previous account, needs to be finalised within a 28-day period. Furthermore, after requesting the switch, customers must deposit at least £1,000 into the new Nationwide account and make one debit card transaction, all within 31 days.
Key Dates and Payment Process
Nationwide has stated that once all the conditions are successfully met, it will pay the £175 bonus directly into the switched account within ten days. The building society emphasises that the account must still be open at the time the payment is made. For those switching into a joint account, only a single £175 payment will be issued to the account, not per person.
The bonus will appear on bank statements with the description 'Switching Offer'. Nationwide has also provided a timeline for the switch itself: customers should use their old account for the first six days. On the seventh day, the switch completes, transferring all Direct Debits, standing orders, and any remaining balance. The old card is deactivated and the Nationwide card becomes active.
Who Is Excluded from the Offer?
Not everyone will qualify for this cash incentive. Customers who have received a Nationwide current account online switch incentive since 2021 are not eligible, with a couple of exceptions. The exclusions do not apply if the previous offer was on a sole account and the customer is now switching to a joint account that has never received an offer, or vice versa.
During the application, Nationwide will ask if you wish to switch your current account. To proceed, you will need to provide your existing account details and choose a switch date. The society handles the bulk of the work, contacting your old bank to move all payment arrangements. Salaries and pensions will be automatically redirected, though informing providers of your new details is still recommended.
