Nationwide Building Society has introduced a new algorithm which now gives a generous £200 bonus to anyone who now moves their main current account to one of its eligible current products. Unlike the Fairer Share payment, this incentive uses the Current Account Switch Service (CASS) and supports the close of the old account in full. This edit is designed to help support Nationwide improve its market share by actively attracting new account holders—and is only available for a short period.
Who is Eligible for the Offer?
To qualify, applicants must either be brand new to Nationwide or be existing members who have not received a switch bonus since January 1, 2020. The switch must be done using the official CASS either on the site or mobile app of Nationwide and must be done within 60 days of starting the process. Most importantly, the new account must have two active direct debits set up by the cut-off date which secures that the basic banking services are provided without interruptions.
What Are the Eligible Accounts?
The promotion is available for only three current accounts which are:
FlexPlus: This is the top-tier premium account from Nationwide and has additional features.
FlexDirect: This has a good interest rate on balances and also offers some overdraft facilities.
FlexAccount: This is the standard everyday account of the society.
As with any product, customers will need to complete the switch requirements, account closure and successful migration of payments, to get the bonus.
Step-by-Step Switching Process
Initiate Switch: Go to Nationwide’s online banking or app and select CASS to begin the switch.
Setup Direct Debits: Set up two or more direct debits like utility payments to the new account.
Monitor Completion: The Switch process usually takes 7 working days, but customers have up to 60 days to complete and finalize everything.
Receive Bonus: The bonus payment of 200 GBP will be received after completion of verification, and payment will be received in under 10 working days.
What Nationwide Is Doubling Down On Switching Offers And Why
The competition in the United Kingdom’s current account market is considerably high, with banks and building societies battling to retain customer spending. Offering cash bonuses is not only a means to attract new clients, but also serves as motivation for older clients who might have ignored previous offers. It’s a brilliant way to drive up customer interaction and everyday banking in the system via the digital self-service options.
Tips for an Easy Change
To accommodate for possible hold ups, initiate your switch sooner within the promotional period. Pay attention to your direct debit setup and ensure that all standing orders have successfully transferred. Most importantly, pay attention to your inbox and account alerts. Nationwide will notify you as soon as the bonus starts coming.