Nationwide has set out the complete list of criteria that must be met before it distributes £175 bonus payments. The world's largest building society has also confirmed which customers are ineligible for the cash reward.
Eligibility requirements
To qualify for the payment, applicants must move their account from another provider, excluding Virgin Money, to either a new or existing FlexDirect, FlexAccount or FlexPlus account with Nationwide. Customers will also need to move two active Direct Debits from their old account and complete a full switch using the Current Account Switch Service (CASS).
The move must be completed 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 pay in £1,000 and make a purchase with your card. Terms and conditions apply.
Payment and exclusions
Nationwide confirmed it will credit the £175 switching bonus to the account within 10 days of all the above criteria being fulfilled. This must be the first time you've received a Nationwide switch offer on an eligible sole or joint account, and the building society said it may end, change or replace this offer at any time, reports the Mirror.
The £1,000 can be paid in multiple payments 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.
Card payments and switch process
Any purchase made in the vast majority of retailers or online will count as a card payment, and you only need to use it a single time to meet the requirement. Certain transactions will be excluded, such as gambling payments or money orders.
To get started, you'll need to provide your existing bank account details and choose your preferred switching date. During the first six days of your switch, continue using your old bank account and card as you normally would. On the seventh day, the switch will be completed. All Direct Debits, standing orders and any remaining funds from your previous bank account will be transferred across.
Your old provider will cancel your card and close your account, while your Nationwide card will be activated. Any payments directed to your former account, such as your salary or pension, will be automatically re-routed, although you should still inform your employer and pension providers of your new account details.
