Wiki: Current Account Switching Incentives 💸

your money saving expert forum post from 26m ago ranks near the top of google when you search sky news nationwide switch offer” lol

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New hoops, within 31 days of requesting you must deposit £1000 (internal transfers won’t count) and use the debit card at least once for an eligible transaction.

The 1% cashback referred to above is not related to the switch incentive.

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Not confusing at all. :joy:

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It also says on the website that you’re not eligible if you’ve ever held a FlexDirect account (which I did, unfortunately, some years ago).

That’s for the FlexDirect debit card cashback, not the switch incentive

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That’s saying you’re not eligible if you requested a switch before the offer began.

Oh aye. Didn’t read it properly :joy:

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I don’t like how strict these are now. I liked the free money :frowning:

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I don’t think strict is the right word, but it is puzzling that so many providers are adding in extra hoops to jump through.

I suspect the thinking is too many arrived, took the money and then left but those sorts of people are not going to be phased by a faster payment and a one-off debit card payment - nor does insisting on the latter make those types more likely to engage with using the account.

All it’ll do is catch out the more casual customers who might genuinely be looking to move over, and that’s a pretty crappy experience.

It’s in the right word, though. Restrictive might have been a better choice.

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Santander finally let me know I’m not eligible for theirs; having had the previous reward from 2021.

So that account can go to Nationwide, which I’ve possibly had before but Santander can get in the bin.

Hate the colour and the app :joy:

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I’m guessing that if you had a Nationwide Reward before you can’t get this one?

Possibly, I’d have to go via online banking to see if I did.

I use nationwide along with the credit card, so moving ditching Santander isn’t a problem, less admin.

I was more meaning the date that you can’t have claimed since. They seem to be getting longer and longer.

As you say, a card transaction/transfer isn’t going to stop many people who are doing it for an easy £175.

The terms say you can’t have an incentive if you’ve had one since August 2021 - so if you’ve benefitted from the previous refer-a-friend scheme or any of their other offers, like Fairer Share, then you are not excluded - but if you’ve had a payment for switching your account since August 2021 then you are excluded. Unusually Nationwide allow you to benefit from a Joint bonus even if you’ve previously had a Sole one.

Anecdotally some people have been able to get a subsequent bonus by going for another sometime after the account they first earned a bonus on was closed down. YMMV.

Oh, I see. Well 3 years isn’t that long as these things go - it used to be that the Lloyds/Halifax ones rolled along at around that (although more recent ones have indeed been longer).

Prior to the current switching bonus format, which launched in August 2021, Nationwide had a long running refer-a-friend switch bonus which was even more restrictive - you could only benefit from being referred once and there was no second bonus for a joint account.

Bye bye Barclays :money_with_wings:

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With Nationwide, do you need 2 active DDs that have to come out of your account. E.g. I have an active Moneybox DD but it only takes money out of my account into my savings on my request.

They just need to be setup so that they transfer as part of the switch.

There’s no requirement for an actual DD txn to take place but I always advise people to allow/make them trigger at least once before switching so you can easily prove they existed in case something goes wrong.

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Actually, you can set them up manually. This is how I ALWAYS switch, Nationwide included.