New Nationwide Switch - both new and existing?

PRAISETHESUN

Full offer terms from the link @Ghostcrawler posted:

Nationwide Building Society Current
Account Online Switch Offer
Terms and Conditions
About these Terms and Conditions
1. These terms and conditions apply to our current account online switch offer. They are separate to the terms and conditions that apply to our
current accounts.
2. If the account you’re switching to is a joint account, these terms and conditions apply to both account holders.
How do I qualify for the offer?
3. You must meet all the requirements set out in these terms and conditions. You won’t qualify for this offer if any of the exclusions set out in
clauses 9 or 10 apply to you.
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.
5. You’ll qualify for this offer if:
• You use our Internet Bank to switch a current account held with another provider to a FlexAccount, FlexPlus or FlexDirect current account
you have with us; or
• You open a FlexAccount, FlexPlus or FlexDirect current account with us through our website, Internet Bank or Banking app and switch a
current account held with another provider to that account.
6. You must complete a full account switch using the Current Account Switch Service. The account you have with another provider must be
closed as part of the switch.
7. You must transfer a minimum of two active Direct Debits from the current account being switched to the Nationwide account. Other types of
automated payments, such as standing orders and recurring card payments, won’t count towards this.
8. The switch must be completed within 30 days of you requesting it.
When won’t I qualify – what are the exclusions?
9. You won’t qualify for this offer if:
• You switched into an account that isn’t a FlexAccount, FlexPlus or FlexDirect;
• You didn’t use our website, Internet Bank or Banking app to request your switch;
• You didn’t complete a full switch or did not use the Current Account Switch Service to complete your switch;
• You didn’t transfer a minimum of two active Direct Debits (other types of automated payments, such as standing orders and recurring
card payments won’t count towards this); or
• You didn’t complete the switch within 30 days of requesting it.
10. You also won’t qualify for this offer if:
• You started your application to open a FlexAccount, FlexPlus or FlexDirect current account with us or requested your switch before this
offer was made available. This will apply even if that application or switch is completed after this offer is made available. If we withdraw
this offer and make it available again in the future, this exclusion will still apply;
• You’re switching into a Nationwide account that has already been switched into and benefitted under this offer;
• You or a joint account holder already has a current account with us that’s being managed by our Collection and Recoveries department at
the time the switch completes;
• You, or any of your accounts held with us, are subject to a financial sanction or restraint order. Or we are aware or reasonably suspect that
fraudulent activity has taken place; or
• You’ve previously benefitted from this offer, as set out at clause 4.
If I meet all the requirements in these terms and conditions, how much will I get paid?
11. If you’re an existing Nationwide member, we’ll pay you £125. You’re an existing Nationwide member if you have a Nationwide current
account, savings account or mortgage (excluding buy to let and commercial mortgages). The account can be in your own name or held jointly
with another member.
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12.
You must have been a member on the day before you requested the switch and still be a member when your switch completes. If you’re switching a joint account, just one of you needs to meet the membership requirements.
13.
If you’re not an existing Nationwide member, we’ll pay you £100.
14.
If you’re switching into a joint account with us, you’ll only receive one payment into the account for that switch.
15.
You must still have your current account with us when we make the payment to you.
When will I get paid and how will the payment appear on my statement?
16.
We will credit the payment to the current account that you switched into within 10 calendar days of the full switch completing.
17.
The offer payment will appear on your statement as ‘Switching Offer’.
Will the offer be withdrawn?
18.
We may change, replace or withdraw this offer at any time. If we do this and you’ve already requested a switch, you’ll still be eligible for the offer so long as:
•
The switch completes within 30 days of you requesting it;
•
You meet all of the requirements set out in these terms and conditions, and none of the exclusions apply.
Useful Information
The Current Account Switch Service:
•
When you switch using the Current Account Switch Service, a dedicated team will transfer your payments and details to your new account. It’s a free service. All you need to do is pick the date. You can use both your old and your new account while the transfer takes place, until the switch is finished. Once it’s done, we’ll even close your old account for you.
•
The whole process is backed by the Current Account Switch Guarantee. In the unlikely event that something is missed, you won’t be out of pocket. Any fees or charges will be covered. Your credit rating will be protected, too.
•
You’ll need to check if your existing bank or building society is signed up to the Current Account Switch Service by checking the list of participating banks and building societies. If they are not signed up, you’ll need to carry out a manual switch (sorry, but manual switches aren’t included in this offer).
A full switch:
•
Closes your old current account down for you;
•
Moves your outgoing payments across, like your Direct Debits and standing orders;
•
Transfers any money left in the account across;
•
Redirects any incoming payments to your Nationwide current account, like your salary;
•
Takes 7 working days to complete;
•
Lets you choose when your switch ends, up to 60 days into the future; and
•
Means you’re covered by the Current Account Switch Service Guarantee.
A Direct Debit:
•
Is set up by a company, using your account number and sort code;
•
Is often used to pay energy providers, council tax bills or credit card bills; and
•
Is usually part of a fixed agreement and should only be changed by the company collecting the Direct Debit.
A recurring card payment:
•
Is set up by a company, using your debit or credit card details;
•
Is used for things like Netflix, Amazon Prime or magazine subscriptions; and
•
Can usually be changed or cancelled by contacting the company taking the payment.
A standing order:
•
Is set up by you, through the Banking app, Internet Bank or in branch;
•
Is used to move money regularly between your accounts, or to send money to someone else’s account on a regular basis; and
•
Can be changed or cancelled by you at any time.
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Yorkshire_Pud

I have a current account paying four DD payments a month to post office savings. But is that one DD or 4 for the purposes of the Nationwide switch?

Zanderman

Yorkshire_Pud said:

I have a current account paying four DD payments a month to post office savings. But is that one DD or 4 for the purposes of the Nationwide switch?

That is, if all to the same PO account, one DD isn't it?  One DD instruction? So one DD, unless to multiple PO accounts..

The T&C don't mention any need for the DDs to be per month, so I think the month angle is irrelevant.

clivep

Yorkshire_Pud said:

I have a current account paying four DD payments a month to post office savings. But is that one DD or 4 for the purposes of the Nationwide switch?

That would be one DD.

Ed-1

The terms are really strange regarding defining an "existing member".

You must be an existing member on the day before you request the switch to qualify for £125 rather than £100. But you just need a current account to qualify as an existing member. So anyone who's a new member could just delay requesting their switch by at least a day after opening a new current account, couldn't they?

clivep

Shedman said:

where_are_we said:

"Can I get the money if I’ve already switched to Nationwide?

This offer is only available once, so you if you use the promotion and switch you won’t be able to do it again. The terms and conditions also say you won’t be eligible again even if they withdraw the offer and launch it again at a later date.

However if you received £100 via the referral offer that ran until early 2020 you can still use this offer. The same goes for anyone who switched in and didn’t receive any switching cash."

The above is taken from www.becleverwithyourcash.com - but until we see full T&C`s, I am not sure if myself and OH will qualify because we did the "refer a friend" offer to each other a few years ago and received £100 x 4. From the above quote it seems as though it will be possible. We will know tomorrow!

I had hoped (optimistically ....) that it might have been another Santander-style switch bonanza,  as I'm trying to cut down the number of accounts and we have a few that could be switched, but I also had noticed that it was a one time thing only.  Shame but given we've been ruled out of all the recent switch offers then something's better than nothing. 

 It will be interesting to see how the T&Cs treat 2 separate sole accounts (ie husband and wife separate accounts) being switched into a NW joint account. However, it would seem to easy to solve that one by opening new sole NW accounts each anyway.

I await the full T&Cs with interest.

I want to switch 2 separate sole accounts (ie husband and wife separate accounts) into a NW joint account.

As so often, the terms are ambiguous... Exclusions: "you’re switching into a Nationwide account that has already been switched into and benefitted under this offer". Does the exclusion refer to YOU or the NATIONWIDE ACCOUNT having benefitted?

Safest, I suppose, to follow Shedman's suggestion and open new sole NW accounts.

PRAISETHESUN

Yorkshire_Pud said:

I have a current account paying four DD payments a month to post office savings. But is that one DD or 4 for the purposes of the Nationwide switch?

Most switch offers usually refer to the number of "active DDs" as the number of DD mandates set up on your account (ie. when you check how many DDs you have in online banking, how many entries appear?). A single mandate pulling weekly, monthly or annually will appear the same and count as only one - for PO savings you would need to link two separate savings accounts to a single current account to get 2 active DDs.

Ed-1 said:

The terms are really strange regarding defining an "existing member".

You must be an existing member on the day before you request the switch to qualify for £125 rather than £100. But you just need a current account to qualify as an existing member. So anyone who's a new member could just delay requesting their switch by at least a day after opening a new current account, couldn't they?

That was my thinking as well - I'm already an existing member so I can't test it, but since there's no "member on or before date XXX" condition, I can't see why you couldn't open an account, wait a day then apply as an "existing member" as you describe.

clivep said:

Shedman said:

where_are_we said:

"Can I get the money if I’ve already switched to Nationwide?

This offer is only available once, so you if you use the promotion and switch you won’t be able to do it again. The terms and conditions also say you won’t be eligible again even if they withdraw the offer and launch it again at a later date.

However if you received £100 via the referral offer that ran until early 2020 you can still use this offer. The same goes for anyone who switched in and didn’t receive any switching cash."

The above is taken from www.becleverwithyourcash.com - but until we see full T&C`s, I am not sure if myself and OH will qualify because we did the "refer a friend" offer to each other a few years ago and received £100 x 4. From the above quote it seems as though it will be possible. We will know tomorrow!

I had hoped (optimistically ....) that it might have been another Santander-style switch bonanza,  as I'm trying to cut down the number of accounts and we have a few that could be switched, but I also had noticed that it was a one time thing only.  Shame but given we've been ruled out of all the recent switch offers then something's better than nothing. 

 It will be interesting to see how the T&Cs treat 2 separate sole accounts (ie husband and wife separate accounts) being switched into a NW joint account. However, it would seem to easy to solve that one by opening new sole NW accounts each anyway.

I await the full T&Cs with interest.

I want to switch 2 separate sole accounts (ie husband and wife separate accounts) into a NW joint account.

As so often, the terms are ambiguous... Exclusions: "you’re switching into a Nationwide account that has already been switched into and benefitted under this offer". Does the exclusion refer to YOU or the NATIONWIDE ACCOUNT having benefitted?

Safest, I suppose, to follow Shedman's suggestion and open new sole NW accounts.

Clause 4 seems to suggest you can take advantage of the offer as both a sole and joint account holder, but as you've said, it's probably safer to take advantage of the offer as sole account holders first, and then attempt a joint switch for a bit of extra cash afterwards.

Yorkshire_Pud

Zanderman said:

Yorkshire_Pud said:

I have a current account paying four DD payments a month to post office savings. But is that one DD or 4 for the purposes of the Nationwide switch?

That is, if all to the same PO account, one DD isn't it?  One DD instruction? So one DD, unless to multiple PO accounts..

The T&C don't mention any need for the DDs to be per month, so I think the month angle is irrelevant.

Yes thanks I was in danger of applying the Co ops terms to Nationwide and mucking up my switch bonus!  Added another DD to Co op and will hope to see it appear in my Co op account soon before applying to Nationwide.

t1redmonkey

Sounds like you can open an account with them on one day, then do the switch a day after (or a few days later) and qualify for the £125 instead of only £100

BigBlueSky

Is the general consensus that you just need DD's setup and don't need to have actually had funds taken from them before the switch ?