Nationwide Current Account Switch

irritado2

I was expecting my 200 incentive for switching as advertised. But No, apparently as a new member I was not entitled, only available to existing members! Anyone heard of this! Seems absurd...

WillPS

irritado2 said:

I was expecting my 200 incentive for switching as advertised. But No, apparently as a new member I was not entitled, only available to existing members! Anyone heard of this! Seems absurd...

Did you read the terms of the offer? https://web.archive.org/web/20240615024030/https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/current-accounts/resources/p4258-member-exclusive-online-switch-offer.pdf

The main website couldn't really have been much clearer either:

https://web.archive.org/web/20240611165256/https://www.nationwide.co.uk/current-accounts/switch/

I'm not really sure why you felt you might have been eligible as a new member?

The good news is that if Nationwide run another offer, and they keep the terms consistent, you should still be eligible as an existing customer next time.

HillStreetBlues

Nationwide Building Society Member Exclusive
Current Account Online Switch Offer
Offer Terms effective from 23 May 2024
About these Offer Terms
1. These offer terms apply to our member exclusive current account online switch offer which starts on 23 May 2024 until changed,
replaced or withdrawn by us. 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 apply to both account holders.
How do I qualify for the offer?
3. You’ll qualify for this offer if:
• You’re an existing Nationwide member on 31 March 2024. You’re an existing Nationwide member if you have a qualifying
mortgage, savings or current account. See the section ‘’What is a qualifying mortgage, savings or current account?” below for
further information. The account can be a sole or joint accoun

The T&Cs stated to needed to be a current member.

irritado2

Yes I see now, an aberration on my part although still struggling with making sense of it....why pay existing members...anyway just have to 'suck it up' as they say!

PRAISETHESUN

irritado2 said:

Yes I see now, an aberration on my part although still struggling with making sense of it....why pay existing members...anyway just have to 'suck it up' as they say!

It'll be an internal decision about the types of customers they wish to attract. Feels like they are making a bit of a push to get more value out of existing customers rather than taking a risk of getting business by gaining new customers (who may or may not be profitable). But yes, the offer was fairly clear that it only applied to existing customers.

At least you are now an existing customer and should be eligible for incentive payments in the future. Look up the "fairer share" offer they've run the past few years and start looking to set yourself up to qualify for that (assuming they offer it again, and the criteria stay the same next year), and also to have a donor account set up for switching for the next time they offer an incentive.

WillPS

irritado2 said:

Yes I see now, an aberration on my part although still struggling with making sense of it....why pay existing members...anyway just have to 'suck it up' as they say!

It was launched alongside their Fairer Share announcement, I'm guessing to be seen as a 'concellation prize' for members who missed out this year.

Existing customer only switch bonuses are less plentiful than new customer only ones; but this is far from the only one.

jimjames

irritado2 said:

Yes I see now, an aberration on my part although still struggling with making sense of it....why pay existing members...anyway just have to 'suck it up' as they say!

To encourage them to move their main banking to Nationwide?

VXman

its interesting. i have had a nationwide account for years but not really used it. i recently upgraded to the flexplus for the breakdown and travel insurance which for me with my cars, motorhome and frequent foreign holidays is a bargain.

I recently got the £100 bonus and did the switch to get the £200. unfortunately i recently had an accident and had to claim for a cancelled trip abroad. They paid out £1500 quickly without fuss. So, generally I am feeling very favourable towards Nationwide.

I have always been happy to switch bank accounts with no loyalties - play the system for money but i am contemplating moving to Nationwide properly.

My 'main' bank is first direct i suppose having had my salary paid in there for 30 years and a mortgage with them. Dont know why i keep it now. Chase would be my other option for cashback.

irritado2

Thanks for all he comments...Although now I have a current account with nationwide I don't suppose I will be eligible for an incentive payment if a new deal arises.  I will look around and consider a different bank maybe..

WillPS

irritado2 said:

Thanks for all he comments...Although now I have a current account with nationwide I don't suppose I will be eligible for an incentive payment if a new deal arises.  I will look around and consider a different bank maybe..

They've never run a switch bonus which excludes existing members. Nothing to say they won't launch one, but if I had to guess I would say they'll probably run a switch bonus this autumn for new and existing members. The moral of the story is read the terms carefully before partaking - there's all sorts of hoops you might have to jump through.