New Nationwide Switch - both new and existing?

edlar

TheShape said:

Can anyone remember when Nationwide last had a switching offer?  I can't remember if I've switched into my Nationwide account previously.

I could open a new FlexAccount and switch to that I suppose but don't want any delays as I'm a last minute M&S switcher.

Does it matter? I had a similar thought that I've had a switching incentive from them before (the Recommend a Friend one I think) but the terms specify you're ineligible if:

• you’re switching into a Nationwide account that has already been switched into and benefitted under this offer.

As far as I'm aware any other switching incentives aren't under this particular offer so you should be ok.

Shedman

noh said:

Shedman said:

"This offer is only valid on the first sole current account and first joint current account you switch to us, even if we withdraw this offer and launch it again in the future."

But would the incentive be paid for both switching INTO a sole account and a joint account or, as the words actually say "you switch to us", would it only be if you switched a sole account and a joint account FROM other banks??  And it does seem to contravene the the 'you can only benefit only once' rule.  

Does anybody at these banks actually get somebody outside of the marketing/legal team to read the T&Cs and point out the inconsistencies and ambiguities?  Maybe they should subcontract some of us on this forum to point out the queries beforehand...pretty sure that would save their call centre staff a lot of unnecessary calls (mind you Santander's lack of thorough checking of their switch T&Cs proved to be a real upside 😅)

The T+Cs seem clear to me.
We will see if 3 incentive payments are made.

Can you tell me where in the T+Cs it says "you can only benefit once" as you have stated?

Doesn't say those words explicitly (hence why I put them in single quotes not full quote marks) but it's this phrase that raises that sort of concern and hence why the terms seem unclear and ambiguous (to me anyway and I've read a lot of t&c's in my time)

• You’ve previously benefitted from this offer, as set out at clause 4.

And judging by comments on here and elsewhere I think there is quite a bit of confusion and lack of clarity over these terms 

Anyway I sincerely hope you are right in your interpretation as we would do likewise if we could be sure we would get 3 incentive payments.  

Zanderman

superM said:

superM said:

Terms and conditions questions

• You’ve previously benefitted from this offer, as set out at clause 4.

Currently I have a joint Nationwide account which I opened for the benefit of 0% overdraft interest for 12 months. I did not had a joint acc previously with Nationwide.

I did receive switching offer on my sole and my wifes sole account pteviously.

I am correct in saying I can switch account to joint with 2 paid DDs we should be eligible for the incentive?

If I open a sole account in my name that acc would not be eligible?

Thanks 

Anyone please? 

The T&C only refer to previously benefitting from "this offer", which was only launched yesterday, so I doubt you have benefitted it from it already. 

You may have benefitted from a previous Nwide switching offer (the refer a friend scheme?) but that's not "this offer". 

DebtHurricane

I just wish it was clearer whether the DD’s have to already have been paid once from the old account or whether just having a mandate active and showing is enough. 

noh

Shedman said:

noh said:

Shedman said:

"This offer is only valid on the first sole current account and first joint current account you switch to us, even if we withdraw this offer and launch it again in the future."

But would the incentive be paid for both switching INTO a sole account and a joint account or, as the words actually say "you switch to us", would it only be if you switched a sole account and a joint account FROM other banks??  And it does seem to contravene the the 'you can only benefit only once' rule.  

Does anybody at these banks actually get somebody outside of the marketing/legal team to read the T&Cs and point out the inconsistencies and ambiguities?  Maybe they should subcontract some of us on this forum to point out the queries beforehand...pretty sure that would save their call centre staff a lot of unnecessary calls (mind you Santander's lack of thorough checking of their switch T&Cs proved to be a real upside 😅)

The T+Cs seem clear to me.
We will see if 3 incentive payments are made.

Can you tell me where in the T+Cs it says "you can only benefit once" as you have stated?

Doesn't say those words explicitly (hence why I put them in single quotes not full quote marks) but it's this phrase that raises that sort of concern and hence why the terms seem unclear and ambiguous (to me anyway and I've read a lot of t&c's in my time)

• You’ve previously benefitted from this offer, as set out at clause 4.

And judging by comments on here and elsewhere I think there is quite a bit of confusion and lack of clarity over these terms 

Anyway I sincerely hope you are right in your interpretation as we would do likewise if we could be sure we would get 3 incentive payments.  

The TCs dont say those words at all explicitly or otherwise.
The T+Cs are clear.

• You’ve previously benefitted from this offer, as set out at clause 4.

Clause 4 says

4.This offer is only valid on the first sole current account and first joint current account you switch to us, even if we withdraw this offer and launch it again in the future.

Which means
Switch into a joint account and that account will receive an incentive. If you also switch into a sole account that account will receive an incentive.
You can only receive this incentive once for each type of account.

Ghostcrawler

ok, so this might answer lot of your questions.  I called them and got it clarified.

1. So you will get the bonus for each type i.e. Sole + Joint. So if you are taking advantage of this offer with your wife then you will get £125 three times - £125 *2 by switching your Sole accounts + £125 *1 by switching your Joint account that you have with wife.

2. In addition to above, if you are thinking which type of account can be switched to your Joint account then Sole account can be switched to your Joint account, NW accepts this.  And that donor Sole account can be of anyone either you or your wife, doesnt matter.  But if you are switching your Joint account then the names should match and only those 2 names should be on your Joint as well.

3. Direct Debits have to be active and the active definition is at least one payment must have been paid from your donor account.  It's ok if DD is taken Yearly or Half-Yearly (like Water or Sewage, at least in my case) but should have made payment before. So pls ensure you have made 1 payment from your donor account before switch goes through .

4. There is no end date currently on this offer, I am told it will be a long running offer for now. So we all have time, no need to get ahead of time i.e set up DD and also select the switching date!!!  You can wait for everything to be ready and then start your switch.

thanks to @noh who read the terms correctly and was sure about it :-)

noh

Ghostcrawler said:

ok, so this might answer lot of your questions.  I called them and got it clarified.

1. So you will get the bonus for each type i.e. Sole + Joint. So if you are taking advantage of this offer with your wife then you will get £125 three times - £125 *2 by switching your Sole accounts + £125 *1 by switching your Joint account that you have with wife.

2. In addition to above, if you are thinking which type of account can be switched to your Joint account then Sole account can be switched to your Joint account, NW accepts this.  And that donor Sole account can be of anyone either you or your wife, doesnt matter.  But if you are switching your Joint account then the names should match and only those 2 names should be on your Joint as well.

3. Direct Debits have to be active and the active definition is at least one payment must have been paid from your donor account.  It's ok if DD is taken Yearly or Half-Yearly (like Water or Sewage, at least in my case) but should have made payment before. So pls ensure you have made 1 payment from your donor account before switch goes through .

4. There is no end date currently on this offer, I am told it will be a long running offer for now. So we all have time, no need to get ahead of time i.e set up DD and also select the switching date!!!  You can wait for everything to be ready and then start your switch.

thanks to @noh who read the terms correctly and was sure about it :-)

Thank you for calling them and getting confirmation.

Yorkshire_Pud

Ghostcrawler said:

ok, so this might answer lot of your questions.  I called them and got it clarified.

1. So you will get the bonus for each type i.e. Sole + Joint. So if you are taking advantage of this offer with your wife then you will get £125 three times - £125 *2 by switching your Sole accounts + £125 *1 by switching your Joint account that you have with wife.

2. In addition to above, if you are thinking which type of account can be switched to your Joint account then Sole account can be switched to your Joint account, NW accepts this.  And that donor Sole account can be of anyone either you or your wife, doesnt matter.  But if you are switching your Joint account then the names should match and only those 2 names should be on your Joint as well.

3. Direct Debits have to be active and the active definition is at least one payment must have been paid from your donor account.  It's ok if DD is taken Yearly or Half-Yearly (like Water or Sewage, at least in my case) but should have made payment before. So pls ensure you have made 1 payment from your donor account before switch goes through .

4. There is no end date currently on this offer, I am told it will be a long running offer for now. So we all have time, no need to get ahead of time i.e set up DD and also select the switching date!!!  You can wait for everything to be ready and then start your switch.

thanks to @noh who read the terms correctly and was sure about it :-)

Re 3. How does Nationwide know that at least one payment has been made from the donor account, given that only the direct debit and payee details are transferred over with no record of previous transactions that are confidential to the current account to be switched? Not having a go but to me that statement from Nationwide doesn’t make sense. Unless the DD is invisible to Nationwide and won’t be switched over if it hasn’t paid out at least once!?

colsten

Yorkshire_Pud said:

Ghostcrawler said:

ok, so this might answer lot of your questions.  I called them and got it clarified.

1. So you will get the bonus for each type i.e. Sole + Joint. So if you are taking advantage of this offer with your wife then you will get £125 three times - £125 *2 by switching your Sole accounts + £125 *1 by switching your Joint account that you have with wife.

2. In addition to above, if you are thinking which type of account can be switched to your Joint account then Sole account can be switched to your Joint account, NW accepts this.  And that donor Sole account can be of anyone either you or your wife, doesnt matter.  But if you are switching your Joint account then the names should match and only those 2 names should be on your Joint as well.

3. Direct Debits have to be active and the active definition is at least one payment must have been paid from your donor account.  It's ok if DD is taken Yearly or Half-Yearly (like Water or Sewage, at least in my case) but should have made payment before. So pls ensure you have made 1 payment from your donor account before switch goes through .

4. There is no end date currently on this offer, I am told it will be a long running offer for now. So we all have time, no need to get ahead of time i.e set up DD and also select the switching date!!!  You can wait for everything to be ready and then start your switch.

thanks to @noh who read the terms correctly and was sure about it :-)

Re 3. How does Nationwide know that at least one payment has been made from the donor account, given that only the direct debit and payee details are transferred over with no record of previous transactions that are confidential to the current account to be switched? Not having a go but to me that statement from Nationwide doesn’t make sense. Unless the DD is invisible to Nationwide and won’t be switched over if it hasn’t paid put at least once!?

I think some banks don't treat a DD which hasn't paid yet (or not paid within the last 13 months) as active. They certainly don't show them online until a first payment has been made. IIRC, this applies to Natwest/RBS and may be Lloyds and others. It is theoretically possible that they wouldn't pass information about such DDs to Nationwide. 

But why chance it? Even if it takes 2 weeks to get a brand new DD paying (usually it's more like 7 days only), you can still set up a new DD now, and request a switch in say, 3 weeks time, at the same time. Or just wait for the DDs to be taken and request your switch then.

bristolleedsfan

Irony is Nationwide refer a friend ran for years with same stipulation that 2 active direct debits had to be transferred over as part of the switch, I do not recall many ( if any) questions on the subject nore do I recall anybody who did not get switch bonus due to direct debits transferred over not having been paid out previously.