For customers switching to Nationwide to claim that £175 cash reward, time is running out.
The UK’s biggest building society announced the current account offer is being axed on March 31, meaning you need to act quickly to claim the free money.
The incentive aims to encourage customers to switch current accounts to Nationwide from their previous bank, and was initially introduced on September 25, 2024.
Nationwide had always warned the reward wouldn’t be permanent, reiterating in December that it was for a ‘limited time only’.
And now, there are just three days left to switch.
Here’s everything you need to know before the deadline at the end of the month.
How to claim Nationwide’s £175 cash reward
In order to qualify, you must switch from a non-Nationwide bank account with at least two active direct debits.
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 per the terms, you’ll need to deposit £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 at least once using your debit card.
Some transactions – like gambling – don’t count towards this, so do your due diligence. The switch needs to be completed within 28 days to be eligible for the £175 cash offer.
Nationwide said: ‘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.’
Be warned that if you switch your account to a FlexPlus Nationwide account, you’ll be charged an £18 monthly fee, while FlexDirect and FlexAccount are both free.
Nationwide’s Fairer Share Scheme
Nationwide customers also have just three days left to qualify for a £100 payment from the building society.
Last year, Nationwide paid 3.85 million members £100 each as part of its Fairer Share scheme, and they’re set to issue a fresh round of bonuses in the coming months.
In Martin Lewis’s Money Saving Expert (MSE) newsletter, he shared a guide on possible conditions for the ‘reward’, urging: ‘Go quick to boost your chances.’
MSE explained: ‘In previous years, the scheme has been announced in May and paid in June, though whether you got it depended on if you met the qualifying criteria in the first three months of the year.’
That means existing members have just a few weeks left to ensure they fulfil any requirements, while non-members need to switch to Nationwide ASAP to be eligible.
If you’re already a Nationwide customer, your account must still be open on March 31, 2025, so don’t close it between now and then. Additionally, you need to have used it within the first three months of this year.
If you have a FlexAccount, FlexBasic, or FlexDirect account you must have received £500 and made two payments out of your account, or have made 10 or more outgoing payments in January and February this year.
Having a FlexPlus account means you’ll need to have kept up with your fee to be eligible, while FlexOne, FlexGraduate and FlexStudent accounts require one payment in or out of your account.
If you have a mortgage account with Nationwide you must owe at least £100 by the end of March and if you have a savings account you must have a balance of at least £100.
You don’t need to request this £100 bonus payment, the bank contacts eligible members typically by May 31, with bonuses deposited into members’ accounts between June 13 and June 28.
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