Nationwide may provide ‘free £100 fee’ to prospects – examine the right way to declare | UK | News | EUROtoday
Nationwide prospects have been advised to look out for a possible bonus that has seen a whole bunch of hundreds of thousands paid out to Britons.
According to Money Saving Expert, the financial institution has given some current prospects a £100 “Fairer Share” bonus for the previous two years.
The private finance website says it’s “likely, though not guaranteed” a bonus might be supplied this yr, and has supplied recommendations on the way it has been claimed previously.
The scheme was beforehand introduced in May and paid in June, however getting it relied on whether or not prospects met sure qualifying standards within the first three months of the yr.
MSE says £385 million was paid to three.85 million Nationwide members final yr, with £340 million paid out to three.4 million folks the yr earlier than that.
If the retail financial institution maintains the identical standards as earlier years (which has not been confirmed), MSE recommends folks do not shut their accounts – at the very least not till March 31.
Customers are additionally suggested to make use of their present account within the first three months of this yr, nonetheless, “what you’ll need to do to qualify depends on which current account you have”, the private finance consultants add.
Those with a FlexAccount, FlexFundamental, FlexDirect should both: “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 charge counts for this with FlexPlus packaged account, whereas these these with a FlexOne, FlexGraduate, FlexScholar account ought to make fee in or out of their account in March, they suggest.
MSE additionally tells canny prospects to make sure they’ve at the very least £100 in financial savings or owe at the very least £100 on a mortgage with Nationwide in March.
For individuals who haven’t got both, it recommends placing £100 (or maybe £200 to be secure in case the phrases change) into one in every of Nationwide’s financial savings accounts.
According to the location, those that do not presently have an account with Nationwide may nonetheless profit.
“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 location 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 retains the identical eligibility standards as beforehand, it’s miles simpler to get the Fairer Share fee by switching than it’s being an current buyer, as fewer guidelines 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.
A Nationwide spokesperson said: “Nationwide’s Board will decide on a Fairer Share payment for 2025 and it will depend on our financial performance.
“That evaluation might be made after our monetary yr finish, with the eligibility standards for this yr being agreed then too. The choice might be introduced as a part of our full yr ends in May.
https://www.express.co.uk/news/uk/2009878/nationwide-offers-free-100-payment