The mutual confirmed it will end its £200 switching sweetener for existing customers at 11:59pm tonight (Thursday 4 July).
It means your Nationwide current account application needs to be in by then, but the actual switch needs to be completed within 28 days of the move to qualify for the hard cash.
The building society launched its £200 current account switch offer for existing members in May. It came as it announced a record £2.2bn ‘member bonanza’ as its annual financial report for the year revealed statutory profit exceeding £1.7bn.
Nationwide also ran its second Fairer Share Payment, giving 3.85 million customers £100 each, which was paid last month.
While it confirmed an end date for the £200 switch offer, it told YourMoney.com that the 18-month Member Exclusive Bond paying 5.5% AER is still available.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
£200 current account switching terms
For existing Nationwide customers (as of 31 March) who don’t currently use the mutual for their everyday banking – that is, have a current account – you can get the £200 switch sweetener as part of its Member Exclusive Current Account Online Switch Offer.
To qualify, you need to complete a full switch using the Current Account Switch Service (CASS).
A minimum of two active direct debits must be transferred to the new account, which can be opened via the website, internet banking (once you’re logged in) or mobile banking app.
The deal also applies to existing customers switching a current account they hold with another provider to an existing account they hold with the society via the internet bank.
To get the £200, the switch must be completed within 28 days of the request to move.
The Co-operative’s £150 switch deal set to go
The Co-operative Bank also confirmed it would withdraw its £150 ‘Switch and Save’ deal from the market at midnight on Friday 5 July. This means applications need to be submitted by 11:59pm.
With this deal, customers switching their everyday banking to a Co-operative Bank Standard Current Account or Everyday Extra account can net £75 upfront.
The remaining £75 as part of the offer is made up over five months, where it will pay £15 each month for customers opening its Regular Saver Account.
Co-op confirmed it will credit £75 to the eligible current account within seven days of a customer meeting the eligibility criteria.
This includes having two active direct debits set up and depositing a minimum of £1,000 into the new account within 30 days after the switch completes.
You’ll also need to register for online banking or mobile banking and make a minimum of 10 card transactions (including via digital wallet) within that same time period.
The further £15 per month will be paid into the qualifying Regular Saver account within seven days of the 10th of the month following the qualifying period.
Here, savers must open a Regular Saver account by no later than midnight on the last day of the full calendar month, following the month in which the £75 switch incentive was received.
You’ll also need to deposit a minimum £50 into the Regular Saver account, on top of meeting the current account criteria detailed above.
The Regular Saver pays 7% gross/AER (variable) and allows instant access to your cash. The maximum you can save each month is £250 and you can pay in as often as you want without going above this.
If you’ve already benefitted, or are waiting to benefit, from a switching incentive from Co-op Bank since 1 November 2022, then you won’t be eligible for this latest offer.
Lloyds to pull £175 switch sweetener later this month
Towards the end of May, Lloyds Bank launched its £175 current account switch deal for new and some existing customers.
The deal applies to three different current accounts, giving savers more choice, though there is a monthly “maintaining the account fee” (£3), which is waived if you pay in £2,000 or more each month.
As part of this offer, your switch must include at least three active direct debits from your old account being moved to Lloyds Bank.
You need to open a Club Lloyds account online, by phone or in branch by Tuesday 30 July before the switch sweetener is pulled, but Lloyds added it can be withdrawn without notice at any time.
Meanwhile, the £175 will be paid into your new account within three days of the switch being completed.
After this date, unless other banks introduce switching offers, the only available deal will be from First Direct, giving new current account holders £175.
Last month, both Santander and TSB pulled their current account switch sweeteners.