Exact date millions of Nationwide customers will get free £100 cash – check if you're eligible
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MILLIONS of Nationwide customers will get £100 free cash within weeks – but you'll need to have met key criteria to qualify.
The payment will hit accounts between June 18 and July 4, but only if you had a Nationwide current account open by March 31, 2025.
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The payment will hit accounts between June 18 and July 4
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To be eligible, you must also have had:
At least £100 in savings, or owed £100 or more on a mortgage by that same March deadline.
And you'll need to have used your account between January 1 and March 31 this year.
Nationwide is handing out the cash as part of its Fairer Share scheme, which rewards loyal members who save or borrow with the building society.
This year's payout is set to benefit around 4million customers – with a whopping £410million being shared in total.
It's the third year in a row the mutual has handed out a payment like this.
Last year, £385million was paid to 3.85million people, and £340million the year before.
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.
Nationwide chief Debbie Crosbie said: 'Nationwide has had an outstanding twelve months.
"We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.'
More rewards for savers
Nationwide has also launched a new Member Exclusive Bond, paying market-leading interest over 18 months.
The bond is available from May 30 to all of the building society's 16 million existing members and can be opened in branch, via the app, or online.
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It's a fixed-rate savings bond, and those saving the full £10,000 will earn £762.50 in interest after 18 months — over £150 more than Nationwide's next-best option (a 4% one-year fixed bond).
Not a customer?
If you're not banking with Nationwide, you won't get the £100 this time – but you can still sign up to be eligible for future offers.
And other banks are offering switching perks too.
TSB is dishing out £100 to newbies who switch, plus up to £90 in cashback if you spend using your debit card 20 times a month over six months.
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.
Elsewhere, Natwest is chopping interest rates on a range of accounts from today.
It comes after the Bank of England (BoE) slashed the base rate from 4.5% to 4.25% earlier this month.
The base rate affects borrowing and saving rates offering by banks. Usually you will see rates come down if the central rate is lowered.
And now NatWest is today cutting interest rates on four of its savings accounts including its Digital Regular Saver, Flexible Saver and Help to Buy ISA.
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