Pensioners hoping to bag £175 in free cash thanks to a Nationwide Building Society offer may want to read up on the fine details of the rules. The group is offering the cash incentive to those who switch from another provider.
You can secure the payment when switching to a FlexPlus, FlexDirect or FlexAccount current account. Existing customers can even get the cash if they already have one of these current accounts, as long as they switch over from a non-Nationwide provider and follow the other rules.
Once you have requested the switch, Nationwide carries out the process in bringing over your payments from your old provider. This includes any existing direct debits and standing orders, although you should note that you need to bring over two direct debits to qualify for the £175 offer.
However, there may be some proactive steps you need to take after the switch is done regarding your regular payments, such as from your pension. Guidance on the Nationwide website states: “We’ll redirect payments from your old account. This means any payments still going to your old account, like your salary or pension, will be redirected to your new account.
“And we’ll tell the organisation making the payments about your new account details.” But the guidance adds: “You should also let them know your new account details.”
If you get the bulk of your regular income from your pensions, it’s important your details are up to date and confirmed so you can continue to get your payments as usual. Other rules you need to follow include to complete the switch within 28 days and to close your non-Nationwide account, which Nationwide can do for you if you request this.
Within 31 days of requesting the switch, you also have to put in at least £1,000 into the account. Transfers from other Nationwide accounts and Visa credits will not count towards this minimum amount.
You also have to pay for something with your new debit card within this 31-day period. A person interested in the offer recently asked Nationwide about how the two direct debits rule works.
They queried over social media: “To qualify for your current bank switch offer would the two direct debits need payments to have already been taken or can they have been recently set up and showing on the existing account?” Nationwide said in response: “In order to qualify for our current account switch offer, the direct debits need to be active and must’ve left your existing account at least once.”
Switchers should also note that direct debits set up or transferred after the switch has been started, will not count towards the offer. These have to be direct debits specifically, as standing orders or recurring card payments do not count.
In a separate case, a customer recently contacted Nationwide as they were alarmed that the rate on their new Flex Regular Saver was showing at 0%. The regular saver offers a rate of 6.5% and you can put away up to £200 a month into the account.
Explaining how the rate works, the provider said: “The interest rate will show as 0% until you deposit funds into the account, after which it’ll update to the advertised interest rate. Hope this helps.”
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