Nationwide offers bank customers up to £350 cash bonus before Christmas
Nationwide has announced that individuals could receive cash bonuses of up to £350 if they decide to switch from their existing provider.
This incentive arrives just in time for Christmas with the building society saying that around 70% of people are feeling more stressed or anxious about their financial situation this Christmas compared to last year.
The Nationwide survey also discovered that over a quarter (26%) of people plan to use second-hand websites such as Depop, Vinted and eBay for Christmas present shopping.
The research further estimates that the average UK resident will spend approximately £813 on Christmas, including presents, travel, food and entertainment.
The costs, when broken down, include £254 on presents, £137 on food, £108 on entertainment, such as visits to Santa and Christmas Eve boxes, £105 on travel, £90 on alcohol, and £119 on "treating themselves".
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So what does the Nationwide offer include? Individuals switching to bank with them will receive a £175 cash bonus (this would cover 22% of the average Christmas cost of £813). Meanwhile joint account holders will receive £350 to move from their existing provider.
Eligible customers who switch to a FlexPlus, FlexDirect, or FlexAccount from a non-Nationwide account will be entitled to the cash if they complete the switch within 28 days.
You'll also need to deposit at least £1,000 – excluding transfers from other Nationwide accounts or Visa credits – and make at least one debit card transaction within 31 days of initiating the switch.
Nationwide Building Society advises to carefully check their terms as certain transactions, like gambling, might not count towards offers. Customers who grabbed a switching bonus from Nationwide since August 18, 2021, or those transferring between Nationwide accounts are not eligible for this deal.
After ticking off the criteria, expect the bonus in your account within 10 days, labelled "Switching Offer". Marta Edwards, Nationwide's chief of current accounts, said: "We want to give people lots of reasons to join Nationwide and then stay with us."
"While our offer of £175 if people switch their main banking relationship to us may ease some of the financial pressures at this time of year, our current accounts are not just for Christmas."
"With a range of additional benefits on tap, including our £100 Fairer Share Payment to eligible members and our leading Flex Regular Saver product, we're confident that new swappers will soon realise the perks of joining a modern, member-owned society."
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