Millions of Nationwide Building Society members could be in line for a welcome financial boost next year, with the mutual poised to potentially distribute free cash payments under its customer reward scheme.
Potential £100 'Fairer Share' Payment
The society, which operates branches across the UK including in Birmingham, is expected to continue its 'Fairer Share' initiative into 2026. This programme has, for the last three years, rewarded loyal customers with cash bonuses of up to £100 simply for banking with Nationwide.
While the building society has not yet officially confirmed the payments will return for 2026, customers are being advised to ensure they meet any qualifying criteria ahead of a potential announcement. This proactive step could put them in pole position to benefit.
Boost for New Customers with Switch Offer
On top of the possible £100 loyalty bonus, Nationwide is currently running a separate promotion designed to attract new current account holders. The society is offering an additional £175 cash bonus to those who switch to them using the Current Account Switch Service.
This means a new member who successfully switches and then qualifies for the 'Fairer Share' payment could be £275 better off in total. The £175 switching bonus is paid into the new Nationwide account within 10 days of all requirements being met.
How to Qualify for the Switching Bonus
To secure the £175 incentive, customers must follow a specific process. They need to switch a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount, or FlexPlus account. The switch must be a full one via the Current Account Switch Service, which involves closing the old account, and it must complete within 28 days.
The old account must have at least two active Direct Debits to transfer over. Furthermore, within 31 days of the new account opening or the switch application for an existing account, the customer must pay in at least £1,000 and make one debit card payment.
It is crucial to note that this offer is only available to those who have not taken a Nationwide current account switch offer since 2021. For joint accounts, only one £175 payment will be made. The payment will appear on statements labelled as 'Switching Offer'.
Nationwide, which competes with high street giants like Santander, HSBC UK, Lloyds, Barclays, and NatWest, stated that the account must still be open when the payment is made. As always, customers are urged to read the full terms and conditions for any offer.
