Nationwide Building Society has issued an update about a £175 payment going out to customers.
The group is currently offering £175 in free cash if you switch over and open a current account with them.
The offer applies when opening a FlexPlus, FlexDirect or FlexAccount, and you can even get the payment even if you already have one of these accounts, if you switch over from a non-Nationwide bank account.
A person asked Nationwide over X: “Is there any time frame on your current bank transfer offer?” In reply, the building society warned the switch offer is available “for a limited time”.
They added: “We don’t have an end date for this, but you can check if this is available here before applying.”
They included a link to this webpage with more information about how the switch offer works.
To get the £175 payment, you need to switch over at least two active direct debits, and to do the switch using the Current Account Switch Service.
You also have to close your non-Nationwide account when you switch and complete the switch withing 28 days.
Other rules to be aware of are that you need to deposit at least £1,000 into the account within 31 days of putting in the request for the switch.
Transfers from other Nationwide accounts or Visa credits will not count towards the minimum deposit amount. Customers also have to pay for something at least once using their debit card.
Many Nationwide customers will also soon be receiving some extra cash as the group is paying out its one-off £100 payment as part of the Nationwide Fairer Share Payment.
The payment, which goes out as a way of the building society sharing its profits with savers, will be landing in accounts between June 13 and June 28 next year.
To qualify for the bonus cash, you will need to hold a qualifying current account as well as a linked savings or mortgage account.
The rules state you need to have had an active current account as of March 31, 2024. For savings accounts holders, you need to have had £100 or more in a personal savings account or cash ISA on any day in March 2024.
Mortgage customers will qualify if they have at least £100 owed on a residential mortgage as of March 31. Full details of how the Fairer Share Payment works are available here.
