Nationwide BS Only Offering 75.00 for Current Account Switch

bristolleedsfan

http://www.nationwide.co.uk/current_account/account_benefits.htm?source=nationwide&campaign=winterevent&execution=FlexAccount_info_22122008

FlexAccount

Make our FlexAccount your number one current account today

Terms and Conditions:

1. This Offer runs from 22 December 2008 to 28 February 2009 but is limited to the first 4,000 qualifying customers ("qualifying event period"). Forms received after the qualifying event period will not qualify for the offer.
2. This offer is open to new and existing FlexAccount customers that hold debit cards on those accounts ("qualifying customers"). It is not available on Cash Card Accounts or FlexAccounts with a chequebook and cash card or cheque guarantee card.
3. Joint account holders can transfer from an existing joint account in the same names or from a sole account in either name.
4. To qualify, you must:
   1. complete and submit an "Authorisation for a Current Account Transfer" form transferring Direct Debits or standing orders from a non-Nationwide account to either a new or an existing FlexAccount which qualifies in accordance with clause 2 above; AND
   2. open one of the following additional products (subject to clause 5 below):
      Combined Buildings and Contents Home Insurance cover;
      Personal Loan;
      Family Life Income Plan (joint applications only);
      Guaranteed Equity Bond,
   OR pay a minimum of £1,000 into any Nationwide savings account (excluding Regular Savings accounts) during the qualifying event period (subject to clause 6 below).
5. All additional products must have a start date between 22 December 2008 and 28 February 2009 and remain open until at least 31 March 2009. The start date will be the policy start date for Home Insurance cover and Family Life Income Plan, the date that funds are issued for Personal Loans and the date of account opening for the Guaranteed Equity Bond. All products are subject to availability and may be withdrawn at any time.
6. For the qualifying deposit into a Nationwide savings account, the minimum deposit must be paid in a single transaction during the qualifying event period and cannot include transfers from other Nationwide accounts (payments to e-Savings, e-Savings Plus and e-Bonds must be made via your FlexAccount). The minimum deposit must remain in the account until 31 March 2009.
7. For qualifying customers, a payment of £75 will be credited into your FlexAccount between 1 and 30 June 2009. No alternative is available.
8. This offer may be used in conjunction with other Nationwide offers but only one payment of £75 will be made per FlexAccount (including joint accounts).
9. We reserve the right to only make the £75 payment to one qualifying FlexAccount where a qualifying customer holds multiple FlexAccounts.

kanchhelskis

jus opened one

bristolleedsfan

sofa_surfer wrote: »

...so they are ready to blow 300K on the 4000 'lucky' switchers
This looks more like a PR exercise... couple of years back the £100 incentive was much more straightforward. I don't think I'll bother this time.

Looks like they are going to blow thousands to people who effectively have a switching account, i.e people who have a non main account with a few Standing Orders and Direct Debits sat in the account ready to take advantage of such an incentive. :rolleyes:

Looks to me like an amaterish exercise, no apparent salary/income switch requirement, no requirement to fund the current account just a requirement to stick 1000.00 in a savings account for a few months. :rolleyes: Just a waste of its members money. :rolleyes:

Now does anybody know, My Standing Orders/ Direct Debits have gone from Nationwide to A+L, switching instructions were given 10 days ago to Abbey to switch them from A+L to Abbey, once they reach Abbey:rotfl: can i organise an immediate switch of the direct debits/standing orders back to Nationwide without affecting the Abbey 100.00 incentive payment?

ShelfStacker_3

bristolleedsfan wrote: »

Looks like they are going to blow thousands to people who effectively have a switching account, i.e people who have a non main account with a few Standing Orders and Direct Debits sat in the account ready to take advantage of such an incentive. :rolleyes:

I do wonder why banks do this, knowing that sites like this one are all over offers like that and that the people concerned have no interest in loyalty, but they just want the free money. Utterly mystifying.

Biggles

Are they getting fed up with people (like me) who keep a Flexaccount open to fund and use for foreign currency when they go abroad, but don't use it as their 'number one current account'?

YorkshireBoy

Nationwide_offer_T&C's wrote:

This offer is open to new and existing FlexAccount customers that hold debit cards on those accounts ("qualifying customers"). It is not available on Cash Card Accounts or FlexAccounts with a chequebook and cash card or cheque guarantee card.

This will rule a lot of existing customers out (myself included!).

bristolleedsfan

YorkshireBoy wrote: »

This will rule a lot of existing customers out (myself included!).

Im :shocked: that you dont have a debit card with your Flexi-Account YB, I also assumed most people would do as well.

YorkshireBoy

bristolleedsfan wrote: »

Im :shocked: that you dont have a debit card with your Flexi-Account YB, I also assumed most people would do as well.

Have I misunderstood the T&C's?

I have a chequebook and combined Visa Debit/cheque guarantee card. Do they also do a cheque guarantee card that is NOT also a Visa Debit card?

Are you saying I'd qualify? If so, I switched for £100 last time so maybe this time I should simply deposit £1,000 tomorrow in my eSaver via a FlexAccount cash deposit in branch?

Help me out...I'm struggling!

bristolleedsfan

YorkshireBoy wrote: »

Have I misunderstood the T&C's?

I have a chequebook and combined Visa Debit/cheque guarantee card. Do they also do a cheque guarantee card that is NOT also a Visa Debit card?

Are you saying I'd qualify? If so, I switched for £100 last time so maybe this time I should simply deposit £1,000 tomorrow in my eSaver via a FlexAccount cash deposit in branch?

Help me out...I'm struggling!

Ive read on here that some people have been turned down for a Debit Card by Nationwide, they have said that they have a cashpoint card, who has standalone Cheque guarantee cards I cannot say as I have no knowledge of this. ( perhaps some people have cheque guarantee cards from the days before debit cards and havent upgraded to a debit card for some reason. :think:

Clearly the debit card you have which operates as a Cashpoint/Cheque Guarantee card as well is covered by

"This offer is open to new and existing FlexAccount customers that hold debit cards on those accounts ("qualifying customers")."

Can you offer any input to the point I made in the last part of post no 4 pse. ( If i undertake all Abbey 100.00 switching in requirements and continue to fund Abbey Account 1000.00 a month and keep income going direct to Abbey Account, after Standing orders/direct debits have moved from A+L to Abbey can I then switch them to my Nationwide account without risking 100.00 Abbey payment being as Abbey dont state that the direct debits/standing orders have to stay with them for any period of time. :think:

bristolleedsfan

ShelfStacker wrote: »

I do wonder why banks do this, knowing that sites like this one are all over offers like that and that the people concerned have no interest in loyalty, but they just want the free money. Utterly mystifying.

Whilst a 500.00 monthly funding requirement has now been put in place, for a short time HSBC were offering 50.00 Cashback via Cashback Sites for having a Current account application accepted with no requirement to either switch anything or fund the account.

opinions4u

ShelfStacker wrote: »

I do wonder why banks do this, knowing that sites like this one are all over offers like that and that the people concerned have no interest in loyalty, but they just want the free money. Utterly mystifying.

A few reasons (and you know the answers!).

1) Where the provider attracts the customer's main bank account the cross-sale opportunities for other products (that make the profits) increase several times over. These customers are more profitable than those who don't have their current account there.

2) Most customers who move their account will have no intention of going through the stress of trusting a bank to shift those direct debits again - not because the banks are bad at it (90% of the time they're pretty damn good at it), but because the customer loses control for a period of time.

3) Most customers who switch are not serial switchers. Just the tarts on here <looks at self in mirror>.

I think the First Direct experience where all got the promise of £100 to join, and a further £100 if they wanted to leave is strong. I'm told by totally unverified sources (a mate I went to school with) that less than 5% opted to get the second £100.

A 95% stickability rate is pretty good business.

As for the comment by another poster about £300k being a waste of members' money .... surely that depends on the profitability of the new members attracted? If they can earn an additional £1m from the new business over the next 5 years it seems like a fine bit of business to me.