Nationwide issues important update on £175 payment for customers

Katie Boyden

Published December 27, 2024 10:49am Updated December 27, 2024 11:01am

A Nationwide Building Society branch in Middlesbrough, UK, on Thursday, March 7, 2024. Nationwide Building Society has reached a preliminary agreement to buy Virgin Money UK Plc for ??2.9 billion ($3.7 billion), in a deal that raises the stakes for consolidation among Britain's mid-sized lenders. Photographer: Ian Forsyth/Bloomberg via Getty Images — You could earn some free cash by switching (Picture: Bloomberg via Getty Images)

Nationwide has issued an important update over free £175 payments arriving in bank accounts over the Christmas period.

The UK’s biggest building society is offering the cash payments to new customers who switch to them during the festive season.

But Nationwide has now warned that the switching offer is only available ‘for a limited time’.

A spokesman added: ‘We don’t have an end date for this, but you can check if this is available here before applying.’

In order to qualify, customers must switch a non-Nationwide bank account with at least two active Direct Debits to the building society.

Your non-Nationwide account will be closed when you switch – and Nationwide say they can do this for you if you select that option when requesting the switch.

As part of the terms, you need to put at least £1,000 into the account within 31 days of requesting the switch – not counting transfers from other Nationwide accounts or Visa credits – and pay for something once using your debit card.

Some transactions – like gambling – don’t count towards this, so make sure you check the terms.

The switch needs to be completed within 28 days to be eligible for the £175 cash offer.

Nationwide added: ‘You can get £175 by switching to a FlexPlus, FlexDirect or FlexAccount.

‘If you already have one of these bank accounts, you can still switch over your non-Nationwide bank account and get £175 if you log in to our internet bank.

‘You’ll still need to meet the other qualifying criteria for the offer. Not sure how to switch? Find out how to switch to an existing account.’

Bank switching deals have been a great way to earn some free cash in recent years, with many customers switching multiple times to take advantage of multiple offers.

But banks are starting to wise up to this, making it more difficult for seasoned switchers to do so.

Other banks currently offering cash switching incentives are first direct and Santander.