Nationwide statement on £175 free cash payments going out to customers

Nationwide Building Society has released a statement regarding a £175 payment being offered to customers who switch to them. The building society is currently offering £175 in free cash to those who move over to open either a FlexPlus, FlexDirect or FlexAccount with them.

To qualify for the cash offer, you need to switch from a non-Nationwide bank account with at least two active direct debits using the Current Account Switch Service. Several banks have similar switching offers, but they can disappear quickly, as demonstrated by Lloyds recently ending its £200 switch offer.

When asked if there was an end date set for when the switching offer will no longer be available, Nationwide responded: "We have no immediate plans to withdraw the offer." Even if you already have one of the three eligible Nationwide accounts open that you need to switch to, you can still receive the £175 payment if you switch over a non-Nationwide account into your existing Nationwide account.

Other steps you need to go through to get the cash paid into your account include doing the switch online, closing your non-Nationwide account when you switch, and completing the switch within 28 days. Another rule is you need to deposit at least £1,000 into the account within 31 days of requesting the switch.

Transfers from other Nationwide accounts or Visa credits will not count towards this minimum deposit. Customers also have to make at least one purchase using their debit card.

For full details of how the offer works, visit the Nationwide website. Nationwide customers are also set to receive a one-off £100 payment as part of the group's Nationwide Fairer Share Payment, which will be deposited into accounts between June 13 and June 28 next year.

This payment is a way for the group to share its profits with its members, in line with its commitment to being a "modern mutual". To qualify for this bonus payment, customers must hold a qualifying current account as well as a linked savings or mortgage account.

They need to have had an active current account as of March 31, 2024. For savings accounts holders, they need to have had £100 or more in a personal savings account or cash ISA on any day in March 2024.

If you have a mortgage with the lender, you need to have at least £100 owed on your residential mortgage as of March 31. The rules apply per individual for joint account holders. Nationwide explains: "This means that if a qualifying current account, or qualifying mortgage is in joint names, the product and the whole of any balance will count towards each individual's eligibility for the payment.

"For example, if you hold both a qualifying current account and a qualifying mortgage jointly with someone else, you will both be eligible to receive the payment." Full details about the Fairer Share Payment can be viewed here.