Nationwide Building Society has explained some of the rules around a bonus payment for customers. The issue came to light after a customer raised an urgent query about their account.

The person contacted the group over social media as they had made a current account switch which was soon to be completed, but worryingly their account details had yet to arrive in the post. They said: “I have no Nationwide debit card yet or other account details in the post.

“I am told Royal Mail delays in my area. I therefore urgently need to have this switch delayed until I get this.” When moving over your account through the Current Account Switch Service, all your direct debits and standing orders are automatically moved over to your new account.

The whole process usually takes seven working days. When everything is moved over and completed, your old account is closed, so you need to be ready to use your new one at this point.

Guidance on the Nationwide website explains what happens on the final day, when your switch is completed: “We’ll have moved all your direct debits, standing orders and remaining money from your old bank account to your new bank account. Your old provider will cancel your card and close your old bank account. It’s time to use your new Nationwide card.”

Nationwide customers can get £175 payment

One reason people switching to Nationwide will be keen to get their hands on their new card is so they can cash in on a bonus payment. Nationwide is currently offering a £175 payment if you’ll switch into a new or existing FlexDirect, FlexAccount or FlexPlus account.

One of the qualifying conditions to bag the bonus is you need to make one debit card payment from the switched-into account, as well as paying in £1,000 into the account. You have to do these two things within 31 days of either opening the account or requesting the switch.

You also have to request a full switch through the Current Account Switch Service, and complete this within 28 days, including closing your old account. Responding to the customer, Nationwide explained the standard rules that apply when switching.

The group said: “It takes 7 to 10 working days for you to receive your debit card, PIN, and online banking details by post when you open a new account. If you would like to change your switch date, please give us a call and our team will assist you on 03457 30 20 11 (or +44 1793 65 67 89 if you’re calling from abroad).”

The line is available on Monday to Saturday from 8am to 8pm, on Sundays from 9am to 5pm and on bank holidays from 8am to 8pm. Changes to UK law are soon to be put before MPs that will affect Nationwide.

Legal changes

Senior officials from the Treasury recently told the Treasury Committee it would set out new legislation, to ease the funding limits on building societies. The new laws will be put before MPs prior to the summer recess, which falls on July 16 this year.

These changes will allow groups such as Nationwide more freedom to derive funding for their activities from sources other than members’ savings. Chancellor Rachel Reeves announced in 2024 a package of changes to open up the building society sector.

After this, the Government added an amendment was to the Building Societies Act 1986, also in 2024, to make way for the funding limits on building societies to be eased. The Treasury will now provide more details about this with the fresh legislation that will soon be put before Parliament.

A Nationwide spokesperson said: “The Building Societies Act 1986 (Amendment) Act 2024 could unlock billions of pounds of additional lending capacity for mortgages, supporting families and first-time buyers, as well as boosting economic growth.”

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