Nationwide customers can maximise their chance of getting the £100 bonus this year by putting money into a savings account now. The building society has paid out its "Fairer Share" bonus to members for the last two years in a row - and could be set to make a third payment this year. It all depends on its financial performance. Last year, Nationwide paid out £385million to 3.85 million customers after announcing profits of £2billion.
But not everyone was entitled to the bonus. Those who were eligible for a payment last year, needed to have a qualifying current account, plus a mortgage or savings account with Nationwide. Finally, you needed to have at least £100 in savings, or owe at least £100 on a mortgage with Nationwide.
In order to maximise your chance of getting the bonus this year, you may want to consider you have at least £100 in a Nationwide savings account or cash ISA at some point next month. Last year, your current account needed to have been opened on or before March 31, 2024.
If you had a FlexAccount, FlexBasic, FlexDirect, you needed to have paid in at least £500 and make two payments out of your account in two of the first three months of the year, or make at least ten payments out of your account. For those with a FlexOne, FlexGraduate, FlexStudent account, you just needed to have made a payment in or out of your account in March 2024.
FlexPlus packaged accounts are also eligible as long as you have paid the account fee. If you're considering moving to Nationwide, you can currently get a switch bonus of £175. To qualify, you must transfer a minimum of two active direct debits, deposit a minimum of £1,000 and make one debit card payment within 31 days.
You also get access to a linked regular saver paying 6.5% variable interest for a year. You can get the bonus when switching to a FlexPlus, FlexDirect, or a FlexAccount. Even existing Nationwide customers with one of these accounts can bag the extra cash by switching from another non-Nationwide account to the account, provided they adhere to the qualifying rules.
Last year, Nationwide announced its "Fairer Share" payment for 2024 in May and anyone who was eligible was paid the £100 between June 13 and June 28. It is likely a third payment would follow a similar timeframe. Get our money-saving tips and top offers direct to your inbox with the Mirror Money newsletter.
