Nationwide ends £175 switching incentive on March 31

Nationwide has warned its customers that the £175 switching incentive will end soon. The building society is encouraging customers to take advantage of this offer before March 31. The incentive rewards customers who switch their current accounts to Nationwide. To qualify for the £175 payment, customers must use the current account switch service. They also need to transfer at least two active direct debits, deposit £1,000, and make one direct debit payment within 31 days. Tom Riley, the retail director at Nationwide, said the incentive is meant to reward customers. He urged those considering a switch to do it soon, as the offer will not be available much longer. Nationwide has gained the highest number of new switching customers among banks. Customers can open a new account online or through the mobile app. Existing customers can also switch accounts they hold with other banks to their Nationwide accounts. The switch must be completed within 28 days. In addition, customers will receive £50 each next month as a bonus for helping Nationwide acquire Virgin Money last year. This payment, part of a £600 million fund, will be made on April 9. CEO Debbie Crosbie emphasizes that the acquisition has strengthened the bank and improved services for its members.