Nationwide £175 payment deadline warning issued | Personal Finance | Finance

Nationwide Building Society has issued an update to clarify the cut-off point to receive a bonus £175 payment. Savers joining the group can currently get £175 in free cash but there are several stipulations you have to meet to get the funds paid into your account.

A customer contacted the provider over social media as they were struggling to understand the rules. They said: “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?”

Information on the Nationwide website states that you need to deposit at least £1,000 into the new account “within 31 days of requesting the switch”.

Responding to the customer, the building society clarified: “You would need to add the £1,000 within 31 days of requesting the application rather than when the switch took place.”

You also need to pay for something once using your debit card during this 31-day period. Another customer hoping to take advantage of the switch offer recently asked a question of Nationwide about this element of the rules.

They queried: “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.”

Nationwide issued a 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.”

Switchers can bag the £175 when switching to either a FlexPlus, FlexDirect or FlexAccount. Current customers who already have one of these accounts can still get the cash, if they switch over from a non-Nationwide provider, and meet the other criteria.

Other rules you need to comply with include switching over two active direct debits, using the Current Account Switch Service. You also need to complete the switch within 28 days.

As regards the direct debits, 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 using the Current Account Switch Service, all payments from your old account will move over to your new one. This includes regular payments into your account, such as your salary and pension.

Nationwide will inform your employer and pension provider about your new account details, although customers are advised to also contact these relevant organisations to inform them of their new details.