Anyone with bank account urged to do ‘rewarding’ check | Personal Finance | Finance
Bank customers have been encouraged to check over their finances as Nationwide has announced it will pay out £100 to millions of members. The bonus cash is going out in the latest round of Nationwide’s Fairer Share Payment, where it shares out its profits with loyal customers.
More than four million people will get the free cash, with payments being issued into Nationwide current accounts of qualifying members between June 18 and July 4 this year.
This comes after Nationwide recently paid out £50 to millions of customers as a one-off thank you gesture after it completed its purchase of Virgin Money.
Customers with other banks may be tempted to join Nationwide given these extra payments it sometimes hands out. Kevin Mountford, co-founder and personal finance expert saving provider Raisin UK, said the latest payment from Nationwide should serve as a wake-up call for savers.
He explained: “It’s a timely reminder for all of us to take stock of our finances. Reviewing your savings accounts, comparing current rates, and moving your money if it’s sitting in a low-interest account can often be far more rewarding in the long run than a one-off cash payment.”
Nonetheless, he warned against switching just because of the prospect of some free cash: “While a £100 payment is certainly a nice perk, it shouldn’t be the only factor when choosing a provider.
“Savers need to think about the bigger picture – including the interest rates on offer, the service they receive, and whether their money is really being put to good use.”
Asked if other building societies or banks could offer similar bonus payments, Mr Mountford said: “In theory, yes – but in practice, it’s less likely.
“Most high street banks are under pressure to deliver profits to shareholders, which often takes priority over giving back to customers in this way.”
However, he pointed out there have been similar cash payments incentives on offer before, such as switching offers from providers such as HSBC, First Direct, NatWest, and Lloyds, which often range from £100 to £200.
But he added that this is different from the bonus payments that Nationwide offers to reward loyal customers. Nationwide has been contacting customers who will get the latest £100 payment.
To get the latest Fairer Share Payment, you need to have had a qualifying current account, plus either a qualifying savings account or a qualifying mortgage.
You will need to have had the qualifying current account open on March 31 this year. If the mortgage is the other qualifying account, you will need to have had this product also on March 31 this year.
To have a qualifying savings account, you will need to have had £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2025.
There are other conditions depending on the combination of qualifying accounts you have. You can view the qualifying rules in full on the Nationwide website.
