Incentive Bank Account Switching - cancelling DD after switching

Pjenky29

I switched to a Nationwide account in December 2023 but would like to keep the account, but switch another account to Lloyds to benefit from the incentive they currently have. I've looked at Nationwide T&Cs but can't see if there's a penalty incurred if I cancel the 2x DD's attached to the account I switched to in December last year. Has anyone had any experience of this. Obviously, I guess I could switch the entire account to Lloyds, but again - uclear if there's a penalty or if the initial incentive in 2023 would have to be paid back/deducted when the account is closed? 

Any help appreciated. 

eskbanker

If there is no such clause in the terms of the switching offer then they can't claw anything back.

Middle_of_the_Road

Pjenky29 said:

I switched to a Nationwide account in December 2023 but would like to keep the account, but switch another account to Lloyds to benefit from the incentive they currently have. I've looked at Nationwide T&Cs but can't see if there's a penalty incurred if I cancel the 2x DD's attached to the account I switched to in December last year. Has anyone had any experience of this. Obviously, I guess I could switch the entire account to Lloyds, but again - uclear if there's a penalty or if the initial incentive in 2023 would have to be paid back/deducted when the account is closed? 

Any help appreciated. 

You are free to operate your account exactly as you please. This includes setting up or removing direct debits/standing orders, or switching or closing the account at any point after receiving an incentive. 

Many on here switch again as soon as they're paid out, and I've never heard of a bank trying to reclaim the bonus.

Pjenky29

Thanks - much appreciated

EarthBoy

The only example of a bank reclaiming the bonus that I've heard of is one of the "refer a friend" bonuses from Nationwide, where they said they'd reclaim your reward if the friend you'd recommended closed their account within six months.  Whether they actually enforced that, I don't know, but it was in the conditions.