Nationwide offer

Splodge1000

eskbanker said:

The switching offer is conditional on switching a non-Nationwide current account into one of the qualifying Nationwide ones.

However, if you really have accumulated over £300K in a basic account, I doubt that £125 would be life-changing....

I was under the impression that it also applied to an existing Nationwide account; my worry is that I will be excluded because my account is a basic one. And whether or not it is life changing is not the point, it is the principle. An existing customer, or member, should surely benefit. 

Switch to a FlexPlus, FlexDirect or FlexAccount and you could get up to £125

If you're not yet a member, you could get £100. If you're already a member, you could get £125. It’s another example of our mutual difference and giving back to our members. 

PRAISETHESUN

Splodge1000 said:

eskbanker said:

The switching offer is conditional on switching a non-Nationwide current account into one of the qualifying Nationwide ones.

However, if you really have accumulated over £300K in a basic account, I doubt that £125 would be life-changing....

I was under the impression that it also applied to an existing Nationwide account; my worry is that I will be excluded because my account is a basic one. And whether or not it is life changing is not the point, it is the principle. An existing customer, or member, should surely benefit. 

Switch to a FlexPlus, FlexDirect or FlexAccount and you could get up to £125

If you're not yet a member, you could get £100. If you're already a member, you could get £125. It’s another example of our mutual difference and giving back to our members. 

Terms of the offer linked here: https://www.nationwide.co.uk/current-accounts/help/terms/current-account-online-switch-offer-terms-and-conditions/

Switch incentives pretty much always require the use of the CASS, which is unable to switch between accounts at the same bank. As per the terms you will need to "switch a current account held with another provider to a FlexAccount, FlexPlus or FlexDirect current account". 

You are correct to be worried about being excluded because you hold a FlexBasic account - it is not a part of the switch offer. You would need to upgrade your account to one of the qualifying accounts first, and then initiate a switch in order to be eligible.

eskbanker

Splodge1000 said:

eskbanker said:

The switching offer is conditional on switching a non-Nationwide current account into one of the qualifying Nationwide ones.

However, if you really have accumulated over £300K in a basic account, I doubt that £125 would be life-changing....

I was under the impression that it also applied to an existing Nationwide account; my worry is that I will be excluded because my account is a basic one. And whether or not it is life changing is not the point, it is the principle. An existing customer, or member, should surely benefit. 

Switch to a FlexPlus, FlexDirect or FlexAccount and you could get up to £125

If you're not yet a member, you could get £100. If you're already a member, you could get £125. It’s another example of our mutual difference and giving back to our members. 

And the very next sentence, that you chose not to quote, is:

Complete a full switch online to a FlexPlus, FlexDirect or FlexAccount from another building society or a bank, and make sure you switch over 2 Direct Debits as part of your switch.

The offer is available to existing Nationwide customers, but only if they switch in a non-Nationwide account....

Splodge1000

eskbanker said:

The offer is available to existing Nationwide customers, but only if they switch in a non-Nationwide account....

Don't understand that.

eskbanker

Splodge1000 said:

eskbanker said:

The offer is available to existing Nationwide customers, but only if they switch in a non-Nationwide account....

Don't understand that.

Not sure what the difficulty is, you do realise that many people hold accounts with multiple institutions? 

Splodge1000

I misread what you wrote. Sorry. I thought you meant a NW customer would switch TO (not "in") a non-NW account....and NW pay him to do so!!!

Feel stupid now!

Splodge1000

Don't know if there are better switching deals out there, but again I may be ineligible because I only hold a basic account. Will investigate.

Edited to add:

Nationwide have refused to upgrade my basic account for me because of my credit rating. This is frustrating, considering the size of the balance, but I am sure people will say that the balance is immaterial. An upgraded account would contain an overdraft facility, which I really do not want or need. I would have been happy to have it removed.

I wanted to move the large balance to a number of different banks so as to get better interest rates and FSCS protection. I was thinking of up to £85,000 per bank. NW will only permit an electronic transfer of £10,000; anything over this is a CHAPS payment and incurs a fee of £20. Interest rates are so low that would eat into the interest. I haven't got a chequebook on the account because it is a basic account so cannot use that option. I suppose I can make a number of transfers of £10,000 but it will be a pain.

If anyone has any suggestions I will happily entertain these, even if it means leaving NW completely.

General_Grant

Splodge1000 said:

Don't know if there are better switching deals out there, but again I may be ineligible because I only hold a basic account. Will investigate.

Edited to add:

Nationwide have refused to upgrade my basic account for me because of my credit rating. This is frustrating, considering the size of the balance, but I am sure people will say that the balance is immaterial. An upgraded account would contain an overdraft facility, which I really do not want or need. I would have been happy to have it removed.

I wanted to move the large balance to a number of different banks so as to get better interest rates and FSCS protection. I was thinking of up to £85,000 per bank. NW will only permit an electronic transfer of £10,000; anything over this is a CHAPS payment and incurs a fee of £20. Interest rates are so low that would eat into the interest. I haven't got a chequebook on the account because it is a basic account so cannot use that option. I suppose I can make a number of transfers of £10,000 but it will be a pain.

If anyone has any suggestions I will happily entertain these, even if it means leaving NW completely.

Very sensible to move money to a number of different institutions.

For the time being you could even open an instant access savings account with Nationwide which would get you a little interest while you move funds out over time.

You would need to pay the fee if you want to move a large amount in one transaction but there's nothing to stop you sending, say, £10,000 every working day and not incur a charge, which is what you have already worked out is something you could do.  If it is that much of a pain (ie worth more than £20 of your time) then pay for CHAPS.

adindas

granta said:

adindas said:

I tried switching my Bank of Scotland Vantage Account since last moth. I got information last week from NW that the switch was not successful and I was not qualified for the incentive.

Fortunately the switching offer is still available and I just started the switching process again from another UK bank that already has 2DDs+ in place. Let see how it is going.

Does anyone encounter similar experience switching from BOS vantage account to existing NW account that they could share?? 

I switched my BoS Vantage (with 2 active DDs) to NW and received the incentive no problem.
Did they explain what the issue was?

No they do not. I also do not want to get involved into argument with NW as I could still do it with another ac.

I remember at some point BOS was sending my a text letting me know that the switching is asked. As usual what I normally do nothing not even calling them as it was me who initiate the switching also the one who put the DC number in the switching. This might be the issue ??

Did you call the BOS during the switching process ??

granta

adindas said:

granta said:

adindas said:

I tried switching my Bank of Scotland Vantage Account since last moth. I got information last week from NW that the switch was not successful and I was not qualified for the incentive.

Fortunately the switching offer is still available and I just started the switching process again from another UK bank that already has 2DDs+ in place. Let see how it is going.

Does anyone encounter similar experience switching from BOS vantage account to existing NW account that they could share?? 

I switched my BoS Vantage (with 2 active DDs) to NW and received the incentive no problem.
Did they explain what the issue was?

No they do not. I also do not want to get involved into argument with NW as I could still do it with another ac.

I remember at some point BOS was sending my a text letting me know that the switching is asked. As usual what I normally do nothing not even calling them as it was me who initiate the switching also the one who put the DC number in the switching. This might be the issue ??

Did you call the BOS during the switching process ??

I've checked my records and there was no contact with BoS except their standard 'Sorry you're leaving' message. Everything else was via NW and it completed on the date I requested.