Customers may want to check over some Nationwide rules
Nationwide members may want to spend some time reading over the key rules for a bonus payments scheme from the provider. One-off payments are currently available from several banks, making this an ideal time to review your bank accounts and savings arrangements.
A savings expert has said there could be new bonus payments rolled out over the months ahead. Nationwide members will soon find out whether they are eligible for another payment through the Fairer Share scheme. The mutual has previously distributed three rounds of £100 payments through the scheme, over each of the past three years. Through this payout plan, Nationwide shares its profits with members, with more than four million customers receiving the £100 payment last year. Customers needed a qualifying current account with Nationwide to be eligible, along with either a qualifying savings account or a mortgage with them.
The building society has yet to confirm whether another round of payments will take place this year. Rachel Springall, finance expert at Moneyfactscompare.co.uk, commented on the possibility of further bonus cash heading members’ way.
What you need to know
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.
“It is also important that members check if they meet the terms to be eligible for the payment moving forward.” For last year’s payout, you needed to have specific account activity between January and March of that year.
Therefore, if you’re considering opening an account now hoping to secure the money, it might be too late, should another payment be issued with similar conditions. The full qualifying criteria for the 2025 payment can be found on the Nationwide website.
Nationwide announcement soon
When previously questioned about a potential 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.” Should you miss this year’s Fairer Share, you might still receive some bonus funds if Nationwide launches another switching promotion.
The building society most recently ran a £175 switching incentive which concluded in March 2026. This was on offer to those moving their 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 an excellent opportunity to snap up a switching deal, with numerous banks dangling incentives to entice customers to make the move.
Lloyds will hand you either £200 for switching to a Club Lloyds account or £500 for transferring to a Lloyds Premier account. However, these offers expire tonight at midnight (April 30).
Barclays is offering £200 to lure new customers, while HSBC will reward you with £500. Additionally, NatWest and Royal Bank of Scotland are offering £150, Santander £180, and First Direct £175.
Check the account details
Should you miss out on a switch offer, Ms Springall said not fret 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.”
For those contemplating making a switch, Ms Springall urged customers to ensure they fully understand all the account particulars. 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.”
