MARTIN Lewis’ MSE has revealed exactly who will get a free £100 one-off payment starting in just a matter of days.
Writing in this week’s MoneySavingExpert newsletter Martin’s team explained who is eligible for Nationwide’s Fairer Share scheme this year.
Last month, the building society announced that around 3.85million of its customers will be entitled to a share of a £385million cash post.
But not everyone will get it, and there are some pretty strict criteria you have to have met.
The MSE team said: “If you bank with Nationwide, you could get a free £100 paid into your account over the coming weeks as part of the building society’s returning ‘Fairer Share’ scheme.
“The bonus will be paid to millions of its current account customers who also have savings or a mortgage with it.”
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It’s the second time in two years that the bank has made the payment.
Last year, it paid a total of £340million to 3.4million customers.
The team then proceeded to go into detail on exactly who can get the cash.
We’ve rounded it up below.
Exactly who is eligible for the £100 cash?
The newsletter reads: “Firstly, you must have a Nationwide current account.
“Your account must have been open on March 31, 2024.
“Secondly, you must have used your current account earlier this year.”
However, the team pointed out that the exact criteria depends on which current account you have.
If you have either a FlexAccount, FlexDirect, or FlexBasic then the following must apply.
In two of the three months of January, February and March 2024, you must either have received at least £500 into the account and made at least two payments out of the account.
Or you must have made at least 10 payments from the account.
If you have more than one of the above accounts, payments made across all those accounts in total will count towards hitting the requirements.
These requirements don’t apply if you completed a switch into the account using the official switch service between January 1 and March 31 – but you’ll still qualify for the bonus.
If you have a FlexPlus you must have paid, and continue to pay, the monthly account fee.
If you have a FlexOne, FlexStudent or FlexGraduate then you must’ve just received at least one payment in or made one payment out of your account during March.
MSE then went on to add: “Thirdly, you must also have had savings or a mortgage with Nationwide in March 2024.”
If you have one of the above current accounts and at least £100 in total in one of more personal savings accounts, or cash ISAs, in March then you should be eligible for the payment.
Plus, if you owed at least £100 on your Nationwide residential mortgage on March 31, you’ll qualify for the windfall.
It’s good news if you have a joint current account, savings or mortgage because you will both qualify separately.
This means you will get a total of £200.
If you’re still unsure whether you qualify, there is an eligibility checker on the Nationwide website.
All eligible customers should have been contacted by May 31.
Everything you need to know
To be eligible, you must have one of the following product combinations with Nationwide:
- A qualifying current account and qualifying savings
- A qualifying current account and qualifying mortgage
The following current accounts will qualify you for the payment:
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
When you’ll get the cash
If you qualify, you’ll get the payment automatically this month, but MSE has warned customers to watch out for scams asking you to apply.
The team said: “The money will be paid directly into your Nationwide current account between Thursday, June 13 and Friday, June 28 and will appear on your statement as ‘Nationwide Fairer Share Payment’.
“If you close your account before the £100 is paid, and you don’t have another Nationwide current account, you won’t be eligible to receive the reward, as Nationwide says it won’t make the payment any other way.
“Watch out for scams inviting you to claim or apply for the payment or asking you to hand over your personal details.”
It’s also worth noting that the £100 payment is taxable savings income, and will be treated in the same way as any interest you earn on your savings account or current account.
This means most people won’t have to pay tax on the reward, as thanks to the personal savings allowance most people don’t pay tax on savings, MSE pointed out.
But if you’re a higher-rate taxpayer and/or you have a substantial amount in non-ISA savings, you may have to pay tax on the £100 bonus.
What else can you get?
It comes as the building society launched a £200 Member Exclusive Current Account Online Switch Offer.
You can start making the switch within a matter of minutes using the Current Account Switch Service (CASS).
At least two direct debits have to be transferred to the new account, which can be opened on Nationwide’s website or via its app.
The switch must be completed within 28 days of first applying.
This week Nationwide has also launched a new Member Exclusive Bond offering a rate of 5.5% AER-gross (fixed) for 18 months.
It is available to 16million existing customers and a maximum of £10,000 can be invested.
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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