Exact date in DAYS millions of Nationwide customers will find out if they’ll get £100 free cash
MILLIONS of Nationwide customers will find out in days whether they qualify for a free £100 payment.
The building society is set to confirm whether it will issue its third successive Fairer Share payment.
The bank made payments to millions of customers in 2023 and 2024 and is likely to do the same again this year.
However, it will not 100% confirm whether the cash will be issued until May 29, when it releases its full-year results.
Nationwide confirmed it would issue the previous two Fairer Share payments in May and then made them in June.
Last year, it paid out a total of £385million to 3.85million customers and the year before £340million to 3.4million people.
In December, the building society’s boss said it was “well-positioned” to make the payment for a third time in 2025.
It’s worth bearing in mind, the £100 Fairer Share payment is separate to the £50 issued to around 12million Nationwide customers between April 9 and May 14.
Who qualifies for the Fairer Share payment?
Nationwide hasn’t confirmed what the eligibility criteria is for the 2025 Fairer Share payment because it hasn’t confirmed yet whether it is being issued.
Assuming the payment is made this year and eligibility criteria remains the same as in 2024, you’ll need to have done two things.
You must have had:
- A qualifying current account and qualifying savings
- Or a qualifying current account and a qualifying mortgage.
You will also need to have used your current account within the first three months of the year, so between January to March.
But there are also additional requirements based on the type of current account you have.
For example, those with a FlexPlus account need to have paid the monthly fee to maintain the account.
Those with a FlexOne, FlexStudent or FlexGraduate account must have received at least one payment in or made one payment out of the account in March.
Those with a Flex Account, Flex Basic and FlexDirect account must either have paid at least £500 into the account and made two payments out.
Or, the same customers may also qualify if they made at least 10 payments out.
Your savings account or cash ISA will qualify if you had a minimum of £100 in it “at the end of any day in March”.
A mortgage will qualify if you owed at least £100 on it.
The full eligibility criteria for the 2024 payment can be found via www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/#1-are-you-eligible-to-receive-the-payment.
What about if I’m not a Nationwide customer?
The bad news is that if you’re not with Nationwide, it’s likely too late to switch to the building society to qualify for the £100 payment.
However, even if you’re not switching to Nationwide, it pays to do an audit of your bank accounts to make sure you’re getting the most out of them.
Make sure you’re getting a competitive interest rate on your savings account as you could be earning more.
Recent figures published by the Bank of England revealed around £280billion is sitting in accounts paying zero interest.
Yes, some of this will be in current accounts, but it is likely there are people with money sitting in savings accounts paying little to no interest who could be getting more bang for their buck.
You can shop around for the best savings accounts via comparison sites like moneyfactscompare.co.uk or moneysavingexpert.com.
Meanwhile, if you’re with a bank or building society that’s not offering you the best service, you could switch to another and get a switching bonus.
TSB, First Direct and Co-op are all offering up to £310 in free money for people choosing to move their current accounts across.
First Direct’s offer is only worth £175 but it does have a 92% customer service rating on moneysavingexpert.com, compared to 38% for TSB and 45% for the Co-op, so factor that in if you are switching.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
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