Nationwide has confirmed the full set of conditions customers must satisfy before receiving its £175 switching bonus. The world's largest building society has also clarified which customers will not be eligible for the payment.
Eligibility requirements for the bonus
To be considered for the payment, applicants must transfer their account from another provider, excluding Virgin Money, to either a new or existing FlexDirect, FlexAccount or FlexPlus account with Nationwide. Customers will additionally need to transfer two active Direct Debits from their previous account and complete a full switch using the Current Account Switch Service (CASS).
The transfer must be finalised within 28 days, and once the new account is opened, or you've requested to switch to an existing account, you'll have 31 days to deposit £1,000 and make a purchase using your card. Terms and conditions apply, reports the Express.
Payment timeline and restrictions
Nationwide confirmed it will credit the £175 switching bonus to the account within 10 days of all the above criteria being met. This must be the first time you've received a Nationwide switch offer on an eligible sole or joint account, and the building society stated it may end, change or replace this offer at any time.
The £1,000 can be deposited in several instalments or as a single lump sum. It cannot come from funds already held in the account if you're switching to an existing account, Visa credits, or another Nationwide account. Any transaction made at the vast majority of shops or online will qualify as a card payment, and you only need to use it once to satisfy the requirement. Certain purchases will be excluded, such as gambling payments or money orders.
How the switch process works
To begin, you'll need to supply your existing bank account details and select your preferred switching date. During the initial six days of your switch, continue using your old bank account and card as normal. On the seventh day, the switch will be finalised. All Direct Debits, standing orders and any remaining balance from your previous bank account will be moved across.
Your old provider will cancel your card and shut your account, while your Nationwide card will be activated. Any payments sent to your former account, such as your salary or pension, will be automatically redirected, although you should still notify your employer and pension providers of your new account details.
