Nationwide ‘check the rules’ warning over £100 payments into customer accounts | Personal Finance | Finance
Nationwide Building Society customers could soon get some bonus cash (Image: Google)
Nationwide members may want to read over some key rules relating to a bonus payment from the provider. You can potentially get one-off payments from several banks at the moment, so now is a good time to revisit your bank accounts and savings plans.
Customers with Nationwide will soon find out if they are due another payment into their account through the Fairer Share scheme. The mutual has previously issued three rounds of £100 payments through the scheme, over each of the past three years.
This scheme is where Nationwide shares out its profits with members, with more than four million customers pocketing the £100 payment last year. To qualify, you needed to have a qualifying current account with Nationwide, as well as either a qualifying savings account or a mortgage with them.
The building society has yet to confirm if there will be another round of the payments this year. Rachel Springall, finance expert at Moneyfactscompare.co.uk, spoke about the likelihood there could be some more bonus cash on the way for members.
Customers should note this
She said: “Nationwide have consistently offered the Fairer Share payment over the past three years, and they hope to do it again. However, it is all down to the performance of the mutual, so this is what members need to be aware of this year.
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“It is also important that members check if they meet the terms to be eligible for the payment moving forward.” For last year’s payment, you need to have certain account activity between January and March of that year.
So if you are thinking of launching an account now in the hopes of bagging the cash, it may be too late, if there is another payment and the requirements are similar. You can read the full qualifying rules for the 2025 payment on the Nationwide website.
Asked previously if there would be a 2026 payment, a Nationwide spokesperson said: “Nationwide’s Board will decide on a Fairer Share payment for 2026 and it will depend on our financial performance. That assessment will be made after our financial year end, with the eligibility criteria for this year being agreed then too.
“The decision will be announced as part of our full year results in May.” If you do miss out on the Fairer Share for this year, you may still qualify for some bonus cash if Nationwide rolls out another switching offer.
The mutual last had a £175 switch offer which ended in March 2026. This was on offer for switching your current account to a FlexDirect, FlexAccount, or FlexPlus account.
More bonus cash from Nationwide?
Ms Springall said: “It is entirely possible that Nationwide could bring out another free cash switching offer, a year ago they were offering £200 to switchers at the end of May, all the way until mid-July 2025.”
Now is a prime time to bag a switching offer, with many banks offering incentives to try and convince customers to jump ship. Lloyds will pay you either £200 for switching to a Club Lloyds account or £500 for moving over to a Lloyds Premier account. But these offers end tonight at midnight (April 30).
Barclays is offering £200 to move to them while HSBC will pay you £500. You can also get £150 from NatWest and Royal Bank of Scotland, £180 from Santander or £175 from First Direct.
Check the account details
But if you miss out on an appealing offer, Ms Springall said not to worry too much. She said: “Switching offers come and go throughout the year, so consumers should not feel too disappointed if they miss out.
“Keeping an eye on comparison sites for the latest offers is wise, but before applying, make sure the account offers a competitive package. In recent months, there has been a few big banks changing their offers, or removing them, so it would be wise to check over the summer for any lucrative deals.”
If you’re thinking of switching, Ms Springall said to make sure you understand all the account details. She said: “It is always important to understand if your bank account is offering good value, both looking at any fees, incentives, and the overdraft tariff.
“There are simple bank accounts which do not charge monthly management fees, and others with loads of benefits, like insurance add-ons, cashback on spending, bills and even credit interest. On top of this, accessibility is a key factor when it comes to everyday banking, such as a branch network, a user-friendly app, and a good support service.”
