Nationwide sets out key dates to secure £175 bonus payment

Nationwide Building Society has explained an important deadline for savers keen to secure an enticing £175 bonus. To grab the free money, new customers must comply with certain conditions when switching to join the provider. One customer asked on social media for the group to clarify the rules, asking: "I'm a little confused. As for depositing £1,000 into the switched-over account, within 31 days of requesting the switch to qualify for £175 cash, does this mean from date of application, or from the earliest switchover date available?".

Nationwide's official website states that a minimum of £1,000 must be put into the new account "within 31 days of requesting the switch". Clearing up any confusion, Nationwide responded directly to the client's query: "You would need to add the £1,000 within 31 days of requesting the application rather than when the switch took place.". Another rule to note is that customers have to make at least one debit card transaction, within the same 31-day period. Another prospective switcher asked Nationwide about the timescale of the offer: "How long on average does the process take from applying to switch from another bank to your guys current account to receiving the £175 incentive?.

"I'm currently just awaiting the card and pin in post to make my first purchase via card to get the £175." The building society said in response: "The timeframe overall varies however from when you complete the criteria, you'll receive a text confirming this and then payment is made within 10 working days of the text.". You can get the bonus when switching to a FlexPlus, FlexDirect, or a FlexAccount. Even existing Nationwide customers with one of these accounts can bag the extra cash by switching from another non-Nationwide account to the account, provided they adhere to the qualifying rules.

Switchers must bring over at least two active direct debits using the Current Account Switch Service (CASS) and finish the switch within 28 days. Regarding what counts as a direct debit, the Nationwide website explains: "Direct debits set up or transferred after your switch has been started will not count towards this offer. "Other types of automated payments, such as standing orders and recurring card payments, are not direct debits and will not count towards this." By doing the switch via CASS, all your incoming payments come over as well, like salary or pension. Nationwide will let your employer and pension provider know about the change in bank details, but it's good practice to personally notify these groups as well.