MSE news: possible £50 boon for Nationwide current account holders

This is the discussion thread for the following MSE News Story:

"Nationwide will pay its FlexAccount customers £50 to make the product their main current account.

The bonus also applies to those who already use the account as their core banking facility and transfer more direct debits or standing orders over to it ..."

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Comments

  • belfastgirl23
    belfastgirl23 Posts: 8,025 Forumite
    Name Dropper First Post First Anniversary I've been Money Tipped!
    Very interesting article.

    Anyone got any tips on what to do if you don't have any accounts other than your nationwide?? :)
  • bristolleedsfan
    bristolleedsfan Posts: 12,083 Forumite
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    edited 16 July 2009 at 8:54PM
    Best to have an account elsewhere with one or two Direct Debit and/or Standing orders in sat waiting for such offers. The last similar Nationwide offer was limited to first 4000 and was withdrawn after two days, this offer is half the previous offer in value with no official/publicly takeup limit stated. I would be suprised if the offer is available for very long. ( says can be withdrawn at any time)

    http://forums.moneysavingexpert.com/showthread.html?t=1816643
  • Very interesting article.

    Anyone got any tips on what to do if you don't have any accounts other than your nationwide?? :)

    Once again, loyalty pays no dividends. I have my account with Nationwide, salary going in, direct debits going out etc. Unfortunately all my accounts are with them - maybe it's time to move????
  • bristolleedsfan
    bristolleedsfan Posts: 12,083 Forumite
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    Once again, loyalty pays no dividends. I have my account with Nationwide, salary going in, direct debits going out etc. Unfortunately all my accounts are with them - maybe it's time to move????


    Nationwide have now had three such offers this year. 100/75/50 I agree its a kick in the teeth to those who are loyal to them. :T
  • td_007
    td_007 Posts: 1,212 Forumite
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    Nationwide have now had three such offers this year. 100/75/50 I agree its a kick in the teeth to those who are loyal to them. :T

    Not really...they are looking to expand their business. As customers we need to aware of how banks play the game and get into it accordingly. We all know switching incentives for some time have required moving all your bank outgoing to the new bank. So what is stopping you from opening another bank account and setup a few SOs and bill payments and use them for dummy switches?
  • bristolleedsfan
    bristolleedsfan Posts: 12,083 Forumite
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    td_007 wrote: »
    So what is stopping you from opening another bank account and setup a few SOs and bill payments and use them for dummy switches?

    I do as I posted on the other thread and mentioned in an earlier post. ;)

    "Dummy switches" dont help an organisation "build up business", its loyal members are its business I was ( and still do) agreeing with another poster ;)
  • bluffer
    bluffer Posts: 528 Forumite
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    what defines a main account though?

    would a couple of inactive or small value dds be classed as a main account when you already have say 8 + and your salary etc going into nationwide? i have a funny feeling that they might check that.
    2023 wins - zilch, nada, big fat duck. quack quack,
  • apt
    apt Posts: 3,188 Forumite
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    I think you would still qualify for the £50 bluffer. Nationwide staff tried to tell me that I would not qualify for the first £100 switching offer because I already had DDs on my Flexaccount, but after looking at the terms they agreed I did.
  • sofa_surfer
    sofa_surfer Posts: 244 Forumite
    edited 17 July 2009 at 8:34AM
    NW are so keen on this offer, that even when you check 'I've read this message, please don't show it to me again' box on login, next time you'll be still reminded of it.
    It seems that many financial institutions are still keen on trying to lure people in with such offers. So perhaps even allowing for a percentage of switchers still to have their main banking outside NW, there's enough momentum generated to justify them.
    In my opinion, a better thought of/designed T&C could serve the genuine purpose of adding new business without at the same time throwing money in the wind/furnace.
    One other possible explanation is , that with those promotions they are in a way rewarding those that are already with them - their similar offer from couple of years ago was under a tagline 'Rewarding our members' or something similar.
    iaye carramba!
  • td_007
    td_007 Posts: 1,212 Forumite
    First Post First Anniversary Combo Breaker
    I do as I posted on the other thread and mentioned in an earlier post. ;)

    "Dummy switches" dont help an organisation "build up business", its loyal members are its business I was ( and still do) agreeing with another poster ;)

    I can understand where you are coming from, however, loyalty to a financial institution is an archaic concept and we need a mindset change.They do what is best for them (maximize profit) and we as customers do what will benefit us the most. I do not care if my dummy switches benefit the bank or not, does it benefit me? YES ....I am off to set up some more dummy SOsicon10.gif
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