Last year, Nationwide paid 3.85 million members £100 each as part of its Fairer Share scheme — and it looks like the building society will be issuing a fresh round of bonuses in the next few months.
While the exact details of the 2025 initiative – which is separate to recent £50 payouts marking Nationwide’s acquisition of Virgin Money – have yet to be released, Martin Lewis has offered some urgent advice to help you qualify.
In the latest edition of his Money Saving Expert (MSE) newsletter, he shared a guide on possible conditions for the ‘reward’, urging: ‘Go quick to boost your chances.’
MSE explained: ‘In previous years, the scheme has been announced in May and paid in June, though whether you got it depended on if you met the qualifying criteria in the first three months of the year.’
That means existing members have just a few weeks left to ensure they fulfil any requirements, while non-nembers need to switch to Nationwide ASAP to be eligible.
Assuming the initiative comes with the same prerequisites as in 2023 and 2024, what you have to do will depend on the account you have and how you used it in January or February this year.
If you’re already a Nationwide customer, your account must still be open on March 31, 2025, so don’t close it between now and then. Additionally, you need to have used it within the first three months of the year, with slightly different criteria for different types of account:
FlexAccount, FlexBasic, FlexDirect accounts
To qualify for a Fairer Share payout, you must have either received £500 and made two payments out of your account, or made at least 10 outgoing payments in January and February this year.
However, MSE adds that if you didn’t do this, ‘you may still be able to qualify by switching.’
FlexPlus packaged accounts
No payments in or out are required here, but you need to have kept up with your fee to be eligible.
FlexOne, FlexGraduate, FlexStudent accounts
The deadline for these members is slightly later, so you’ll have until the end of March to qualify by making at least one payment in or out of your account.
‘Payments out can include debit card transactions, Direct Debits, bank transfers and standing orders but not transfers to other Nationwide accounts you have,’ explains the MSE site.
Mortgages and savings accounts
Mortgage customers must owe at least £100 by end of March, while savings accounts must have a balance of at least £100.
MSE advises: ‘If you don’t have either of those, stick £100 (or maybe £200 to be safe in case it changes its terms) into one of Nationwide’s savings accounts before Monday 31 March.’
Not with Nationwide or missed the deadline to qualify?
If you use the Current Account Switch Service to switch an account you hold with another bank to a Nationwide FlexDirect one by March 31, you may still meet the criteria for the £100 Fairer Share payment — and you may even be eligible for a £175 new customer bonus too.
Keep in mind though, there isn’t long left to act, as the process normally takes seven working days to go through.
Alongside switching your current account, MSE recommends you also ‘stick £100 (or £200 to be even safer) into a Nationwide savings account or owe at least £100 on a Nationwide mortgage in March 2025′ to maximise your chances of qualifying.
When will the Nationwide bonus be paid out?
Last time around, the bank contacted eligible members by May 31, with bonuses deposited into members’ accounts between June 13 and June 28.
Nationwide plans to release information such as the amount and exact payout dates around the same time in 2025, so there’s still a while to wait.
However, all the hard work’s done for you, so you don’t need to make a claim or request the money yourself.
If you think you qualify and haven’t heard anything from Nationwide by June, get in touch. And don’t forget to stay aware of fraudulent attempts at obtaining your personal information to apply for the payment.
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