Martin Lewis’ MSE warning as Nationwide customers could miss out on free £200

06 June 2024 , 10:28

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The warning came from the recent MSE newsletter (Image: MSE/Youtube)

Martin Lewis' Money Saving Expert (MSE) has issued a warning to all Brits with a Nationwide bank account.

Banks and building societies often offer cash incentives to new customers willing to make a full switch from their existing current account. It is considered a relatively "quick and easy" way to make some extra cash.

In this week's MSE newsletter, Martin's team shares all the major high street banks with switching offers at the moment. This includes First Direct, Lloyds, and Santander with £175 and TSB with its £100 plus cashback offer. However, the MSE team also included a sneaky one which is slightly different to the traditional switching offer.

This is because the offer is only available to existing Nationwide customers. According to MSE, if you had a Nationwide current account, savings account or mortgage on March 31, 2024, you can get £200 by switching a non-Nationwide account into a new or existing FlexDirect, FlexPlus or FlexAccount. Sadly, if you don’t have the qualifying accounts (or any account at all) you won’t be able to take part this time.

However, you can't have already received a switch bonus from Nationwide since 18 August 2021, and you need to switch at least two active direct debits to them as well. You could also also get a 0% overdraft with it, too. To get a switching bonus, you need to close and switch your current account using the Current Account Switch Service (CASS).

Martin Lewis’ MSE website shares tip to get free £175 and 7% interest on savings

This service is free and automatically switches everything from the old account to the new one including your balance, direct debits, and salary. It's important to remember, that the old account you use for the switch will be closed and you won’t be able to use it anymore.

If you're still not sure whether or not you're eligible to claim the £200 when you switch accounts, you can double-check via the Nationwide website here. If you qualify, the £200 will land in your account within 10 calendar days of your switch completion. The MSE noted that some people make thousands by switching, and even open "burner accounts" for this sole purpose. If you're thinking of trying this you should always double check the rules as you may not always be eligible for the cash if you've done a switch before.

Ruby Flanagan