Nationwide Building Society is rolling out a generous cash incentive, offering a £175 payment to new customers who switch their everyday banking. The offer is designed to attract individuals to move their primary current account to one of Nationwide's eligible products.
How to Qualify for the £175 Switching Bonus
To secure the £175, applicants must meet several specific conditions. The switch must be completed using the Current Account Switch Service, which fully transfers your banking and closes your old account. This entire process must be finalised within 28 days of your initial application.
Furthermore, you are required to move a minimum of two existing Direct Debits from your old account to your new Nationwide one. Within 31 days of requesting the switch, you must also pay in at least £1,000 and make one debit card transaction.
The Step-by-Step Switching Process
When you register for an eligible Nationwide account—such as FlexDirect, FlexAccount, or FlexPlus—you simply need to indicate you wish to switch and provide your old bank details. Nationwide will then handle the entire transfer, contacting your old provider to move all payment arrangements like Direct Debits and standing orders. You do not need to contact your old bank.
You can continue using your old account and card until the switch is finalised. On the seventh day, the transfer completes: your balance, Direct Debits, and standing orders move over, your old card is deactivated, and your new Nationwide card becomes active. While incoming payments like salaries are redirected for a time, you should still update your employer with your new details.
Important Terms and Payment Details
Nationwide will credit the £175 as a 'Switching Offer' within ten days of all conditions being met, provided the account remains open. If you are switching to a joint account, only one £175 payment will be made per account.
This offer is generally not available to anyone who has received a Nationwide switching incentive since 2021, though exceptions exist for those moving from a sole to a joint account or vice versa.
A spokesperson for Nationwide explained the simplicity of the process: "We'll request all your payment arrangements from your old building society or bank to switch to your new account. You don't need to do anything."
