Request for advice on nationwide switch.

tobyrobinson263

Hi all,

looking to switch partner & I's bill paying joint account to nationwide to take advance of the switching bonus. Neither of us are currently customers.

(I'm currently with FD which rules me out of their's and HSBC's offer, and have recently switched my personal account to Lloyds- so this is the best offer available to both of us).

The terms of the offer state that '2+ direct debits' must be included in the switch, and the MSE advice for non existing customers is to:

'Open one of the above accounts but DON'T request to switch during application. Instead, wait until the day after it's fully open, so you're then a Nationwide member, and at that point switch by selecting 'Switch to Nationwide' in online banking.'

My question is: to satisfy both of these criteria (and gain the additional £25), would I need to open a new nationwide account, manually transfer all of my direct debits, and then request the switch? 

Thanks.

PRAISETHESUN

Don't manually transfer your DDs. The CASS will transfer your DDs as a part of the switching process, and if you don't switch over 2+ DDs  as a part of the switch process then you won't be eligible for the Nationwide incentive. 

tobyrobinson263

Thanks for your reply - and please forgive me if I am being slow!

- If I open a nationwide account from scratch in order to switch internally, it will have 0 DDs paying out from it when I initiate CASS, so I won't meet the criteria.

- If I switch our existing account (not Nationwide), I will have the necessary DDs but not receive the full bonus.

Notepad_Phil

My understanding is that you switch your existing non-Nationwide joint account (which I assume has the requisite number of direct debits) into the newly opened Nationwide account (which at that time will have zero direct debts).

You don't open a another new Nationwide account and then try to switch the recently opened Nationwide account into it.

tobyrobinson263

Notepad_Phil said:

My understanding is that you switch your existing non-Nationwide joint account (which I assume has the requisite number of direct debits) into the newly opened Nationwide account.

Yes makes sense now! 

The key is being 'a nationwide member', not that you are swapping from one nationwide account to another.

I was being slow...