Nationwide Building Society has shared an update about payments going out to customers. The clarification came after a customer asked a question about when the payment would arrive in their account.
The person asked over social media: “How long does it take to receive the £175 switch bonus payment?”
This refers to the one-off payment that Nationwide is currently offering if you’ll switch over to a new or existing FlexDirect, FlexAccount or FlexPlus account.
Nationwide responded to the customer question to explain the key timeframe to note. The provider said: “We’ll pay the £175 into the Nationwide account you’ve switched to within 10 days of you meeting all the requirements.”
How do you qualify for the Nationwide switch offer?
The customer also asked what “requirements” there are to qualify for the bonus cash. In response, Nationwide directed them to the full terms and conditions on the Nationwide website.
You can qualify for the £175 payment if you switch your current account over to a new or existing FlexDirect, FlexAccount or FlexPlus. Your switch will need to be from a non-Nationwide or non-Virgin Money current account.
You also must move over at least two direct debits from your old account. You need to do a full switch through the Current Account Switch Service, including closing your old account.
Another stipulation is you must pay in £1,000 and make one debit card payment from your new account. This needs to be done within 31 days of opening your new account or switching to an existing account.
How will the £175 be paid?
You will be paid the £175 into the Nationwide account that you have switched into. The amount will be paid within 10 days of you meeting all the requirements.
The account will need to be open when Nationwide makes the payment for you to receive it. It will show on your statement as ‘Switching Offer’. If you have switched into a joint account, you will only get one £175 payment.