Nationwide seven day warning as £175 payment to be axed

The incentive has provided popular with switchers

Customers of Nationwide have only days left to claim a £175 payment, which is due to be axed. The incentive offers a boost to people switching their current accounts, with a generous cash reward for those moving to the building society's current accounts.

From March 31, the bank will be pulling its market-leading incentive. The payments of £175 is for those switching their current account, in order to qualify for the money there are steps you must take first.

Customers must complete a full switch using the current account switch service and at least two active direct debits must be transferred to the new account. Customers must also deposit £1,000 and make at least one direct debit payment within 31 days, to receive the financial reward.

Nationwide's retail director Tom Riley said: "Our switching incentive is a demonstration of how we are making banking more rewarding for customers. "We would encourage anyone looking to switch their account to do so now to benefit from the offer as it will be withdrawn later this month."

The incentive has proved popular with switchers, with the latest Current Account Switch Service report from Nationwide showing the company as having the highest net switching gains of all providers. New Nationwide accounts can be opened via the their website, internet banking or mobile banking app. As part of your application, the switch must be requested.

Existing customers can switch a current account they hold with another provider to an existing account they hold with Nationwide via the Internet Bank. However, the switch must be completed within 28 days of it being requested.

Customers can switch to one of the Society’s three main current accounts:

• FlexPlus: Benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £18 per month.

• FlexDirect: An online account paying 5% AER credit interest and offering 1% cashback on debit card spend.

• FlexAccount: An everyday bank account where customers can bank online and in branch for no fee.

Nationwide's website states that if someone is applying to open an account in branch, staff "will need to see" a valid full UK passport or a valid UK photocard driving licence. It also accepts one particular document from a list for your proof of name and another for your proof of current address, if you're applying in branch or sending in your documents by post.

For proof of name, you can provide any of these documents:

‌In branch only:

• Valid full UK driving licence, including old style paper
• Valid provisional UK photocard driving licence
• Valid full EEA passport or EU member state ID card
• UK-based bank or building society statement with debit or credit card (must be less than 3 months old)

By post only:

• UK-based bank or building society statement (must be less than 3 months old).

In branch or by post:

• Letter from a benefits agency, including Universal Credit welcome letters (must be less than 12 months old)
• Letter from a professional person who knows you (for example, a solicitor, accountant, doctor, social worker or probation officer)
• Valid student ID card from a recognised UK university or valid NUS card with your photo and date of birth.