Nationwide is giving a free £175 cash boost to customers who switch to the bank ‘in just seven working days’.
The freebie is part of the bank’s Current Account switching deal which rewards customers who set up a Nationwide account.
To qualify, customers simply need to apply for and open a FlexAccount, FlexPlus or FlexDirect current account with Nationwide through its website or Banking app.
If you already have one of these accounts you can still switch over your non-Nationwide bank account and get the £175 if you log into Nationwide’s internet bank, providing you meet all of the other qualifying criteria.
The bank says you must complete a full account switch from a current account held with another bank using the Current Account Switch Service and must transfer a minimum of two active Direct Debits to Nationwide.
Any Direct Debits that are set up or transferred after your switch has started won’t count towards the offer, nor will other types of automated payments, such as standing orders or recurring card payments.
Within 31 days of requesting the switch you will also need to pay at least £1,000 into the account – not including transfers from other Nationwide accounts or Visa credits – and make one payment using your debit card from your Nationwide account.
Some transactions, such as gambling, cryptocurrency, cash withdrawals, mortgage payments and money transfers, don’t qualify as debit card payments, so make sure you check the terms.
The switch must be completed within 28 days of you requesting it and if you meet all of the requirements, Nationwide will credit the £175 payment to the current account you switched into. This will appear on your statement as ‘Switching Offer’.
Nationwide said: “Switching your bank account is designed to be simple, reliable and stress-free. You can switch in just seven working days, and our dedicated team will move over your payments, balance and even your payees.
“The whole process is backed by the Current Account Switch Guarantee. So, in the unlikely event that something is missed, you won’t be out of pocket. Any fees or charges will be covered. And your credit rating will be protected too.”
