Nationwide is launching £ 125 bank change bonus. Here’s how to get it
If you transfer your bank account to one of Nationwide’s popular checking accounts, you can pick up a transfer bonus of up to £ 125. So how does the Nationwide Switch offering work? And is it easy to obtain? We will take a look.
How do I get the switch Nationwide bonus?
You can qualify for the Nationwide Switch Bonus if you open a Nationwide FlexAccount, FlexPlus or FlexDirect account and transfer your existing account to it within 30 days, using the Switch Account Check Service.
As part of the Switch Nationwide offer, there are two possible bonuses:
- £ 125 for existing Nationwide customers. The construction company pays £ 125 for switches that are already existing customers. An “existing customer” is someone who already has a mortgage, savings account or other checking account with Nationwide.
- £ 100 for new customers. If you are not already a customer, you can still earn a £ 100 switch bonus nationwide. (See below for a way to get the £ 125 offer instead).
To qualify for the Nationwide Switch Bonus, you must apply for one of the above checking accounts through the Nationwide website or app. You should also make sure that your old account has at least two direct debits. These will need to be moved as part of the switching process. Standing orders don’t count.
You must also select a change date within 30 days to be eligible for cash.
What else should you know about Nationwide’s Switch offering?
You can only get one Nationwide Switch Bonus as it is only valid on the first account you switch to. In other words, you cannot get two bonuses by exchanging a single account and a joint account.
It is also interesting to know that in order to benefit from the offer, you must make a complete change, not a partial one. When you do this, your old checking account will be automatically closed.
However, this is not something to worry about as all payments will be transferred for you, including standing orders, direct debits, and any other regular payments. The checking account change guarantee guarantees that this process will be completed within seven days.
After successfully switching to Nationwide, you can expect to receive the bonus in your new account within 10 days.
For more general information on changing bank, see our article on how to change bank account.
When will Switch Nationwide’s offer end?
Nationwide says it can end its switching offer at any time. However, as long as you request your change while the offer is still open, you can get the bonus.
Which Nationwide Account is the Best?
As part of the Switch Nationwide offer, you have a choice of three accounts to switch to. The best account to choose depends on how you plan to use it. Here’s a quick rundown of what each has to offer:
- Flex Account. Nationwide’s FlexAccount has no monthly fees. You can manage the account at a branch, by phone or online. The account is basic in that it offers no credit interest or rewards.
- FlexDirect. The Nationwide FlexDirect account also has no monthly fees. In addition, he pays 2% AER fixed credit interest up to £ 1,500, but only for one year. After one year, you will earn a much lower variable interest rate, which is currently 0.25% Variable AER. You can manage it online or through the Nationwide banking app.
- FlexPlus. Nationwide’s FlexPlus comes with a monthly fee of £ 13. In return, it offers worldwide travel coverage, mobile phone and European breakdown assistance. It also offers free spending and cash withdrawals abroad. You can manage this account in branch, by phone or online.
It is worth knowing that Nationwide’s FlexDirect account offers an interest-free arranged overdraft for the first 12 months, which can be helpful. However, the standard overdraft rates on all accounts are an APR variable representing 39.9%. If you need to borrow, a 0% purchase credit card is probably a better option.
How do you get the boosted bonus of £ 125 if you are not an existing customer?
As part of the Nationwide switching offer, existing customers can get £ 125 for switching, instead of the £ 100 offered to new customers.
However, there is an easy way to qualify for the £ 125 bonus even if you don’t have a Nationwide Mortgage, Savings Account, or Checking Account.
Indeed, Nationwide considers an existing customer to be someone who has been a customer – or “member” – for at least one day before requesting the change. It is therefore possible to open a Nationwide savings account, such as its Triple Access Online Saver, and claim the replacement bonus of £ 125 as an existing customer one day later.
Nationwide’s Triple Access Online saver pays an AER variable of 0.45% and allows you to make up to three withdrawals without penalty per year. However, nothing prevents you from closing the account once you have received the boosted bonus.
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