Nationwide Building Society has launched an attractive switching incentive that provides a £175 cash bonus to customers who move their current account to the provider. This offer applies to both new customers opening an account and existing members switching into one of the eligible accounts. The process requires using the official switching service to ensure everything transfers smoothly, and meeting specific conditions to qualify for the payment.
The bonus is available when switching to certain Nationwide current accounts. Customers need to follow the rules carefully to receive the money. This deal aims to encourage people to bring their everyday banking to Nationwide, making it a straightforward way to earn extra cash while changing providers.
Eligibility Requirements for the £175 Bonus
To qualify for the £175 switching bonus, customers must complete a full switch using the Current Account Switch Service, known as CASS. This service handles the entire transfer process automatically.
The switch can be into a FlexDirect, FlexAccount, or FlexPlus account. It works whether the customer is opening a new account or moving funds into an existing Nationwide one. However, several conditions must be met exactly as outlined.
Customers need to transfer at least two active Direct Debits from their old account. The previous account must close fully within 28 days through the switching process. Additionally, £1,000 must be deposited into the new Nationwide account, and at least one purchase must be made using the Nationwide debit card.
These steps ensure the account is actively used after the switch. The account must remain open on the date when the bonus is due to be paid. Meeting all these criteria triggers the payment of the £175.
Certain customers cannot claim this offer. Anyone who has received a Nationwide switching incentive since 2021 is generally excluded. There is an exception for joint accounts: if a previous bonus was claimed on a sole account, a switch to a joint account may still qualify, provided the joint account has not received a bonus before, and the reverse also applies.
Only one bonus is paid per switch, even for joint accounts. During the application, customers will be asked to confirm they are switching and provide details of their old account.
Step-by-Step Switching Process
The switching process starts on the Nationwide website or mobile app. Customers select the option to switch from their current bank and enter the details of the old account, including the sort code and account number.
They then choose a preferred date for the switch to complete. The Current Account Switch Service takes over from there, making the transfer seamless.
In the first six days after starting the switch, customers can continue using their old bank’s card and account as normal. On day seven, the switch completes automatically.
At this point, the old account closes, and all Direct Debits, standing orders, and regular incoming payments, such as salary or pensions, redirect to the new Nationwide account. The Nationwide debit card activates, ready for use.
The service handles all transfers of payments without any manual intervention needed from the customer. However, Nationwide advises informing employers or pension providers about the new account details to prevent any potential issues with payments.
This automated approach makes switching straightforward and reduces the risk of missed payments during the transition.
Timeline for Receiving the £175 Payment
The timeline for the £175 switching bonus is clear and structured. Once the switch request is made, customers have specific deadlines to meet the remaining conditions.
The old account closes by day 28 through the CASS process. The £1,000 deposit and at least one debit card purchase must both happen within 31 days of starting the switch.
After all requirements are fulfilled, Nationwide pays the £175 within 10 days. The payment appears in the account statement labelled as “Switching Offer” for easy identification.
| Step | Deadline/Timeframe |
|---|---|
| Apply and start switch | Day 1 |
| Old account closes via CASS | By Day 28 |
| Deposit £1,000 | Within 31 days of switch request |
| Make 1 debit card purchase | Within 31 days of switch request |
| Receive £175 bonus | Within 10 days after conditions met |
This table summarises the key stages and helps customers track progress toward receiving the bonus.
Eligible Nationwide Current Accounts
Nationwide offers three main current accounts that qualify for the switching bonus. Each has different features to suit various banking needs.
The FlexDirect account provides 5% interest on balances up to £1,500 for the first 12 months. It suits customers looking for some interest on their everyday funds.
The FlexAccount is a basic everyday current account with no monthly fees, ideal for simple banking requirements.
The FlexPlus is a packaged account that includes benefits like worldwide travel insurance, mobile phone coverage, and breakdown assistance, though it comes with a monthly fee.
All three accounts accept the switch and qualify for the £175 bonus when the CASS process is used correctly. Customers can choose based on the features that best match their lifestyle.
Conclusion
Nationwide has introduced a £175 cash bonus for customers completing a full current account switch using the Current Account Switch Service into a FlexDirect, FlexAccount, or FlexPlus account. The process requires transferring at least two Direct Debits, depositing £1,000, making one debit card purchase, and ensuring the old account closes properly.
This offer provides a direct financial incentive for switching providers. Customers need to meet all conditions within the specified timelines to receive the payment within 10 days of qualification.
Going forward, potential switchers should check their eligibility, particularly regarding previous bonuses since 2021, and follow the application steps carefully to secure the reward.