Feeling like your current bank isn't quite hitting the mark? Are you looking for a little extra incentive to make a change? Well, you're in the right place! Nationwide Building Society often runs attractive switching offers, and the "Nationwide £175" bonus is a popular one that has caught the eye of many. This comprehensive guide will walk you through every step to maximize your chances of qualifying for this fantastic offer.
Let's dive in and see how you can potentially bag yourself a tidy £175!
Understanding the Nationwide £175 Switching Offer
Before we jump into the nitty-gritty of qualification, it's crucial to understand what the Nationwide £175 offer entails. Essentially, Nationwide Building Society often provides a cash incentive to new customers (and sometimes existing ones switching an external account) who fully transfer their current account to Nationwide using the Current Account Switch Service (CASS). This service makes switching banks seamless and guaranteed.
The £175 is a one-off bonus designed to encourage new customers to experience Nationwide's services. It's not a loan, and it doesn't need to be paid back, provided you meet all the terms and conditions.
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| How To Qualify For Nationwide 175 |
Your Step-by-Step Guide to Qualifying for Nationwide £175
Let's get down to business! Follow these steps carefully to ensure you meet all the requirements.
Step 1: Are You Eligible? Let's Check!
This is the absolute first thing you need to do. There's no point going through the motions if you don't meet the basic eligibility criteria.
QuickTip: Repetition reinforces learning.
- Age Requirement: You must be 18 or over.
- UK Resident: You need to be a UK resident.
- Personal Use: The account must be for personal use only. Business accounts are not eligible.
- Existing Nationwide Accounts: You can typically hold no more than four existing sole or joint Nationwide current accounts.
- Previous Switching Offers: This is a crucial point. You generally won't be eligible if you've previously switched your account to Nationwide or received a switch bonus from Nationwide since a specified date (often since August 18, 2021, but always check the latest terms). Even if you have an existing Nationwide account, you might be eligible if you're switching a non-Nationwide account into it, provided you haven't received a bonus recently.
- Qualifying Member (for some offers): Sometimes, Nationwide's offers are exclusive to existing members as of a certain date. Always verify this in the specific offer's terms.
Action Point: Take a moment right now and verify if you meet these fundamental criteria. If you're unsure about any of them, it's always best to consult the official Nationwide website for the most up-to-date terms and conditions for the specific offer you're interested in.
Step 2: Choose Your Nationwide Current Account
Nationwide usually offers the £175 bonus on a selection of their current accounts. You'll typically have a choice between:
- FlexAccount: Their everyday, fee-free current account. This is a solid, straightforward option for most people.
- FlexDirect: This is often a popular choice as it can offer competitive interest rates on in-credit balances (e.g., 5% AER on balances up to £1,500 for the first 12 months) and sometimes cashback on debit card spending. However, note that these interest and cashback offers usually come with a requirement to pay in a minimum amount (e.g., £1,000) each month. Also, the introductory overdraft offer on FlexDirect might be replaced by cashback for new accounts.
- FlexPlus: This is a packaged account that comes with a monthly fee (e.g., £18 per month) but includes benefits like worldwide family travel insurance, mobile phone insurance, and UK/European breakdown cover. This account is generally only worth considering if you would genuinely utilize these included insurances and benefits, as the fee can quickly outweigh the switching bonus if you don't.
Consideration: Think about your banking needs. Do you want a simple, free account, or are the additional perks of FlexDirect or FlexPlus appealing to you? Remember that the benefits and fees of each account vary, so choose the one that aligns best with your financial habits.
Step 3: Initiate the Full Switch Online
To qualify for the £175, you must use the Current Account Switch Service (CASS) and initiate a full switch.
- Online Application: The most common and often required method for applying for the switch offer is online, either through Nationwide's website, Internet Bank, or Mobile Banking App.
- Full Switch Selection: During the application process, make sure you select the option for a full switch. This means your old bank account will be closed automatically, and all your incoming and outgoing payments (like direct debits and standing orders) will be transferred to your new Nationwide account. This is a key requirement for the bonus.
- Closing Your Old Account: Explicitly confirm that you wish to close your existing non-Nationwide account as part of the switch. Nationwide can handle this for you through CASS.
Important Note: The Current Account Switch Service guarantees that the switch will be completed within 7 working days. You can often choose a preferred switch date up to 60 days in the future, which can be useful for planning.
QuickTip: Look for contrasts — they reveal insights.
Step 4: Transfer Your Direct Debits – The Crucial Element!
This is arguably the most important, and sometimes most misunderstood, part of the qualification criteria.
- Minimum Two Active Direct Debits: You must transfer a minimum of two active direct debits as part of your full switch.
- "Active" Defined: Nationwide has clarified this: the direct debits need to be active and must have already processed at least one payment from your existing account before the switch is initiated.
- No Newly Set Up Direct Debits: Direct debits that are newly set up or transferred after the switch has been started will not count towards the offer. This means you can't just set up two small direct debits the day before you switch and expect them to qualify.
- Standing Orders vs. Direct Debits: Be aware that standing orders or recurring card payments do not count towards the two direct debits requirement. Ensure they are genuine direct debits.
Pro Tip: Review your existing bank statements. Identify at least two regular direct debits that have been active and paid out recently. These are your best candidates for transfer.
Step 5: Meet the Funding and Usage Requirements
Once your switch is underway, there are typically further actions you need to complete within a specific timeframe.
- Deposit Requirement: Within 31 days of requesting the switch (or account opening), you usually need to deposit at least £1,000 into your new Nationwide account.
- Crucial Sub-point: This deposit cannot include transfers from other Nationwide accounts you hold or Visa credit. It needs to be "new" money coming into Nationwide from an external source (e.g., your salary, a transfer from another bank, or a deposit of cash).
- Debit Card Purchase: Also within 31 days of requesting the switch, you must make at least one purchase using your new Nationwide debit card.
- Watch Out For: Certain transactions, such as gambling, often do not count towards this requirement. A simple small purchase at a supermarket or online retailer is usually sufficient.
Step 6: Stick to the Timelines
Speed and adherence to deadlines are paramount.
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- Complete Switch within 28 Days: The full switch process itself needs to be completed within 28 days of you initiating the request. The Current Account Switch Service is designed to be quick, so this shouldn't be an issue if you start promptly.
- Funding and Debit Card within 31 Days: As mentioned, the £1,000 deposit and debit card purchase must happen within 31 days of your switch request.
Reminder: It's wise not to leave things until the last minute, especially if there's an advertised end date for the offer. Sometimes offers are withdrawn without extensive prior notice.
QuickTip: Slow scrolling helps comprehension.
Step 7: Wait for Your Reward!
If you've meticulously followed all the steps and met the criteria, Nationwide will typically pay the £175 bonus directly into your new current account within a certain timeframe after all conditions are met. While the exact timing can vary slightly based on the specific offer, it's generally within a few weeks of your successful switch and meeting the requirements.
10 Related FAQs (How to...)
Here are 10 common "How to" questions related to qualifying for the Nationwide £175 bonus, with quick answers:
How to check if I'm eligible for the Nationwide £175 offer?
Check the official Nationwide website for the specific offer's terms and conditions, focusing on age, residency, previous Nationwide accounts, and past switching bonuses.
How to choose the right Nationwide account for the £175 bonus?
Consider your banking habits: FlexAccount for a fee-free option, FlexDirect for potential interest/cashback (with monthly pay-in), or FlexPlus if you genuinely need the bundled insurances and are prepared for the monthly fee.
How to ensure my direct debits count towards the qualification?
Ensure you transfer at least two active direct debits that have already processed at least one payment from your old account before initiating the switch. Newly set up direct debits generally won't count.
QuickTip: Skim first, then reread for depth.
How to initiate a full switch with Nationwide?
Apply online via Nationwide's website, Internet Bank, or Mobile Banking App, and explicitly select the option for a "full switch" using the Current Account Switch Service.
How to make the required £1,000 deposit?
Transfer funds from a non-Nationwide bank account, or deposit cash/cheques. Transfers from other Nationwide accounts or Visa credit will not qualify.
How to make the required debit card purchase?
Use your new Nationwide debit card for any transaction (e.g., in a shop, online purchase) within 31 days of your switch request. Avoid gambling transactions as they typically don't count.
How to track the progress of my switch?
The Current Account Switch Service provides a clear timeline, and Nationwide will keep you updated on the progress of your switch. You can also typically monitor your new account via online banking or the app.
How to ensure I meet the deadlines for the bonus?
Note down the 28-day and 31-day deadlines from your switch request date and set reminders to ensure the funding and debit card usage requirements are met on time.
How to deal with issues if my direct debits aren't transferred correctly?
While CASS is designed to be seamless, if issues arise, contact Nationwide's customer service immediately to rectify any problems with direct debit transfers.
How to find the most current terms and conditions for the £175 offer?
Always refer directly to the Nationwide Building Society's official website or speak to their customer service for the most accurate and up-to-date terms and conditions for their current account switching offers. Offers can change.
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