New Nationwide Switch - both new and existing?

Shedman

Had an email from Andy (Be Clever With Your Cash) that suggests a new Nationwide Switch deal to be launched on Wed 18th and will include both existing account holders as well as new.  Could be handy for those with Tesco accounts to switch away (assuming Tesco get their act together and start processing switches again).

https://becleverwithyourcash.com/nationwides-new-bank-switching-offer-how-to-get-up-to-125/

RetSol

Thank you, @Shedman, for the heads up! 

kaMelo

If true then this could be useful as my old TSB's are doing nothing. He seems to think there will be a direct debit requirement also. I guess we'll just have to wait and see.

PRAISETHESUN

kaMelo said:

If true then this could be useful as my old TSB's are doing nothing. He seems to think there will be a direct debit requirement also. I guess we'll just have to wait and see.

The old Nationwide RAF incentive required 2x DDs so I wouldn't be surprised if this new offer followed the same format. You might as well get started on setting up some DDs on your spare account just in case, since it takes 10 days for a new DD to be created. I've had DDs set up on my spare switching accounts for a while now for just this sort of eventuality. In any case, it will be interesting to see what the actual terms are on the 18th (assuming this offer does materialise).

kaMelo

PRAISETHESUN said:

kaMelo said:

If true then this could be useful as my old TSB's are doing nothing. He seems to think there will be a direct debit requirement also. I guess we'll just have to wait and see.

The old Nationwide RAF incentive required 2x DDs so I wouldn't be surprised if this new offer followed the same format. You might as well get started on setting up some DDs on your spare account just in case, since it takes 10 days for a new DD to be created. I've had DDs set up on my spare switching accounts for a while now for just this sort of eventuality. In any case, it will be interesting to see what the actual terms are on the 18th (assuming this offer does materialise).

As always the devil is in the detail. The article seems to suggest as an existing account holder setting DD's up on the existing account would suffice which is different as usually these offers require them to be transferred as part of the switch.

Either way it's going to be a pain if they're required, all my easy options are used up.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds/p1

Some good ideas to artificially generate DDs if you don't have enough from household bills, CCs, etc. Some of them don't work anymore but a fair few still do.

kaMelo

Yes it's a little out of date now, Birmingham Midshires and Saga are no more and I've used most of the others.
Scottish Widows is snail mail application so it was not fast to set up however it's still working for my Barclays Blue Rewards. Ecology RS has no online DD set up, you need to post the DD mandate to them. Moneybox can only use one linked account but does take weekly which does qualify for certain accounts that don't specify "different" direct debits.
Post Office..... lol. the ultimate last resort if you want a DD..

The only one I know of not on the list is Charity Bank.
https://www.charitybank.org/ethical-savings/savings-account-1

You can have up to four accounts, initial deposit via cheque/bank transfer but ongoing deposits via DD.  

someone

Already repositioning Direct Debits to Tesco Bank ready for this

(Wales online is reporting min of 2 direct debits)

https://www.walesonline.co.uk/news/uk-news/nationwide-pay-125-cash-incentive-21319692

Find the pre announcement a little strange but maybe it's a PR strategy (they get more shots at getting coverage). Interesting their media centre isn't carrying any info yet.

WillPS

Awesome. I'll get a couple of DDs set up ready. Thanks OP!!

steveksullivan

someone said:

Already repositioning Direct Debits to Tesco Bank ready for this

(Wales online is reporting min of 2 direct debits)

https://www.walesonline.co.uk/news/uk-news/nationwide-pay-125-cash-incentive-21319692

Find the pre announcement a little strange but maybe it's a PR strategy (they get more shots at getting coverage). Interesting their media centre isn't carrying any info yet.

note that tesco have probs with switching accounts at the moment

dcs34

From Andy:

I’ve had it confirmed that you must move over two Direct Debits. This means they need to be active on the account you will be switching from. This also applies to existing account holders taking advantage of the offer.