Nationwide has issued an update about an £175 payment going out to customers (Image: Google)
Nationwide Building Society has issued a statement about a £175 payment going out to customers.
The group is currently offering £175 in free cash if you switch over to open either a FlexPlus, FlexDirect or FlexAccount with them.
You need to switch over from a non-Nationwide bank account with at least two active direct debits to get the funds, using the Current Account Switch Service.
Several banks currently have similar switching offers but they can soon disappear, with Lloyds recently ending its £200 switch offer.
In light of this, was asked if it has an end date set for when the switching offer will no longer by available.
The group said: “We have no immediate plans to withdraw the offer.” Even if you already have one of the three eligible Nationwide accounts open that you need to switch to, you can still get the £175 payment if you switch over a non-Nationwide account into your existing Nationwide account.
Other rules to note if you want to get the free cash is you need to do the switch online, to close your non-Nationwide account when you switch, and to complete the switch withing 28 days.
You also need to deposit at least £1,000 into the account within 31 days of requesting the switch. This does not include transfers from other Nationwide accounts or Visa credits.
Customers also have to pay for something at least once using their debit card. For full details of how the offer works, visit .
Nationwide customers will also soon be getting a one-off £100 payment as part of the group’s Nationwide Fairer Share Payment, which will be landing in accounts between June 13 and June 28 next year.
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The payment from the group is to share its profits with its members, as part of its commitment to being a “modern mutual”.
To get the bonus payment, customers must hold a qualifying current account as well as a linked savings or account.
You need to have had an active current account as of March 31, 2024. For savings accounts holders, you need to have had £100 or more in a personal savings account or cash ISA on any day in March 2024.
To qualify if you have a with the lender, you need to have at least £100 owed on your residential as of March 31.
For joint account holders, the rules are applied per individual. Nationwide explains: “This means that if a qualifying current account, or qualifying is in joint names, the product and the whole of any balance will count towards each individual’s eligibility for the payment.
“For example, if you hold both a qualifying current account and a qualifying jointly with someone else, you will both be eligible to receive the payment.” You can view the full details .