Nationwide customers have been told to look out for a potential bonus that has seen hundreds of millions paid out to Britons.
According to Money Saving Expert, the bank has given some existing customers a £100 “Fairer Share” bonus for the past two years.
The personal finance site says it is “likely, though not guaranteed” a bonus will be offered this year, and has provided tips on how it has been claimed in the past.
The scheme was previously announced in May and paid in June, but getting it depended on whether customers met certain qualifying criteria in the first three months of the year.
MSE says £385 million was paid to 3.85 million Nationwide members last year, with £340 million paid out to 3.4 million people the year before that.
If the retail bank maintains the same criteria as previous years (which has not been confirmed), MSE recommends people don’t close their accounts – at least not until March 31.
Customers are also advised to use their current account in the first three months of this year, however, “what you’ll need to do to qualify depends on which current account you have”, the personal finance experts add.
Those with a FlexAccount, FlexBasic, FlexDirect must either: “In two of the first three months of the year, pay IN at least £500 (this could be your salary, for example) AND make two payments OUT of your account”, or “In two of the first three months of the year, make 10+ payments OUT of your account (this second method was used in 2024 but not 2023)”, MSE says.
Just paying the fee counts for this with FlexPlus packaged account, while those those with a FlexOne, FlexGraduate, FlexStudent account should make payment in or out of their account in March, they recommend.
MSE also tells canny customers to ensure they have at least £100 in savings or owe at least £100 on a mortgage with Nationwide in March.
For people who don’t have either, it recommends putting £100 (or perhaps £200 to be safe in case the terms change) into one of Nationwide’s savings accounts.
According to the site, those who don’t currently have an account with Nationwide could still benefit.
“Nationwide currently pays newbies switching to its FlexDirect account a FREE £175, plus 5% interest on up to £1,500 held in the account and up to £5 a month cashback on debit card spending for a year,” the site explains.
“Other banks also pay up to £175 to switch, but Nationwide’s strong combination of perks makes it a good all-rounder.
“Plus, if Nationwide keeps the same eligibility criteria as previously, it’s far easier to get the Fairer Share payment by switching than it is being an existing customer, as fewer rules apply.”
MSE expects people looking to take advantage of the scheme will need to swict to Nationwide FlexDirect by March 31, using. the official Current Account Switch Service.
This can be done by equesting the switch through Nationwide, with the option offered when applying.
It then recommends also putting £100 (or £200 to be even safer) into a Nationwide savings account or owe at least £100 on a Nationwide mortgage in March, flagging the firm’s Flex Regular Saver as good pick for regular savings.
You can find out more about MSE’s advice on the building society’s Fairer Share bonus here.
Nationwide has been approached for comment.