Yet another £50 switching offer from the Nationwide

apt

I was rather suprised to receive yet another £50 switching offer from Nationwide. This one is not as attractive. It is by invitation only and you have to switch your salary or pension as well as direct debits/standing orders. You have to apply by 24 November and complete the switch by the end of the year. The £50 payment is made by 28 Februrary. I'm not bothering as I do not want my salary going into an account without faster payments. But this is now £350 (2 times £100 and 3 times £50) that someone could get from the Nationwide in switching offers in the last two years. Fine for those who get the money, but what about the majority of the building society's members who are paying for this largely pointless largesse?

rb10

apt wrote: »

But this is now £350 (2 times £100 and 3 times £50) that someone could get from the Nationwide in switching offers in the last two years. Fine for those who get the money, but what about the majority of the building society's members who are paying for this largely pointless largesse?

I don't think it's 'largely pointless'. It'll be a tiny number of people who are repeat switchers, just doing it each time to grab the cash, and with no intention of actually using their Flexaccount as their main account.

The vast majority will switch all their (real) DDs, SOs, and salary to Nationwide, and then use that account rather than their previous bank. This reduces the number of accounts that are sitting dormant (i.e. waiting for the owner to go abroad) and probably costing Nationwide money.