Nationwide launches £125 bank switch bonus. Here’s how to get it

Twenty pound notes in back pocket of jeans

If you switch your bank account to one of Nationwide’s popular current accounts, you can bag yourself a switch bonus of up to £125. So how does the Nationwide switch offer work? And how easy is it to get? Let’s take a look.

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How do you get the Nationwide switch bonus?

You can qualify for the Nationwide switch bonus if you open a Nationwide FlexAccount, FlexPlus account, or FlexDirect account, and switch your existing account to it within 30 days, using the Current Account Switch Service.

Under the Nationwide switch offer, there are two possible bonuses:

  • £125 for existing Nationwide customers. The building society pays £125 for switchers who are already existing customers. An ‘existing customer’ is someone who already has a Nationwide mortgage, savings account or another current account with Nationwide.
  • £100 for new customers. If you aren’t already a customer, then you can still bag a £100 Nationwide switch bonus. (See below for a way to get the £125 offer instead).

To qualify for the Nationwide switch bonus, you need to apply for one of the above current accounts via the Nationwide website or app. You also need to ensure that your old account has at least two direct debits attached to it. These will need to be moved across as part of the switching process. Standing orders do not count.

You must also select a switching date within 30 days to qualify for the cash.

What else should you know about the Nationwide switch offer?

You can only get one Nationwide switch bonus, as it’s only valid on the first account that you switch to. In other words, you can’t get two bonuses by switching one sole account and one joint account. 

It’s also worth knowing that to qualify for the offer you must complete a full, not partial, switch. When you do this, your old current account will be automatically closed.

However, this isn’t something to worry about as all payments will be transferred over for you, including any standing orders, direct debits, and any other regular payments. The current account switch guarantee ensures that this process will be completed within seven days.

Upon successfully switching to Nationwide, you can expect to receive the bonus into your new account within 10 days.

For more general information on bank switching, see our article on how to switch bank accounts.

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When will the Nationwide switch offer end?

Nationwide says that it may end its switch offer at any time. However, as long as you request your switch while the offer is still running, you can get the bonus.

Which Nationwide account is best?

Under the Nationwide switch offer, you have the choice of three accounts to switch to. The best account to go for depends on how you intend to use the account. Here’s a brief overview of what each offers:

  • FlexAccount. Nationwide’s FlexAccount account has no monthly fee. You can manage the account in branch, by telephone or online. The account is basic in that it doesn’t offer any in-credit interest or rewards.
  • FlexDirect. The Nationwide FlexDirect account also has no monthly fee. Plus, it pays 2% AER fixed in-credit interest on up to £1,500, though only for a year. After a year, you’ll earn a much lower variable interest rate, which is currently 0.25% AER variable. You can manage it online or via the Nationwide banking app. 
  • FlexPlus. Nationwide’s FlexPlus comes with a £13 monthly fee. In return, it offers worldwide travel, mobile phone and European breakdown cover. It also offers fee-free spending and cash withdrawals abroad. You can manage this account in branch, by telephone or online.

It’s worth knowing that Nationwide’s FlexDirect account offers an interest-free arranged overdraft for the first 12 months, which may come in handy. However, standard overdraft rates on all accounts are a hefty 39.9% rep APR variable. If you do have a need to borrow, a 0% purchase credit card is likely a better option.

How can you get the boosted £125 bonus if you’re not an existing customer?

Under the Nationwide switch offer, existing customers can get £125 for switching, rather than the £100 on offer for new customers.

However, there is an easy way of qualifying for the boosted £125 bonus even if you don’t have a Nationwide mortgage, savings account, or current account.

That’s because Nationwide considers an existing customer to be someone who has been a customer – or ‘member’ – for at least one day before requesting the switch. So it’s possible to open a Nationwide savings account, such as its Triple Access Online Saver, and apply for the £125 switch bonus as an existing customer one day later.

Nationwide’s Triple Access Online saver pays 0.45% AER variable and allows you to make up to three penalty-free withdrawals per year. However, there’s nothing stopping you from closing the account once you’ve received the boosted bonus.

The post Nationwide launches £125 bank switch bonus. Here’s how to get it appeared first on The Motley Fool UK.

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