Nationwide is currently offering a lucrative deal for new customers in the United Kingdom, providing an opportunity to earn a free £175 bonus just in time for Christmas. This enticing offer is part of a competitive trend in the banking industry, where financial institutions are vying to attract customers by offering cash incentives.
Research has shown that many people tend to hold onto their bank accounts longer than their romantic relationships. Despite this loyalty, those who decide to switch their non-Nationwide bank account to Nationwide can enjoy an instant £175 windfall. To qualify for this offer, individuals must switch from a non-Nationwide account with at least two active direct debits.
The process involves closing the existing non-Nationwide account through an automatic bank transfer service and completing the switch within 28 days. Additionally, a deposit of £1,000 needs to be made into the new account within 31 days, along with at least one purchase using the debit card. Once these conditions are met, the £175 bonus will be directly deposited into the account, ready to be spent however the customer chooses.
Nationwide specifies that the offer is available for switching to a FlexPlus, FlexDirect, or FlexAccount. Existing customers who already hold one of these accounts can still benefit from the bonus by transferring a non-Nationwide account and meeting the necessary criteria. FlexDirect and FlexAccount do not incur a monthly fee, with FlexDirect also featuring a linked 1% cashback on daily spending and a 5% interest savings account.
On the other hand, the FlexPlus account comes with a £13 monthly fee, increasing to £18 from December. However, it includes comprehensive benefits such as worldwide travel insurance, phone insurance, and breakdown cover in the UK and EU, potentially outweighing the fee for those who require these services and can cancel them elsewhere.
For individuals who are ineligible for Nationwide’s offer due to already holding an account with the bank, other institutions like Lloyds, Santander, Co-op, and Natwest are also providing bank switching bonuses ranging from £75 to £200 during the same period.
This move by Nationwide reflects the fierce competition in the banking industry, where enticing promotions and bonuses are being used to attract and retain customers. With the festive season fast approaching, the opportunity to earn a £175 bonus by simply switching a bank account may be a welcome financial boost for many individuals.