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Nationwide to pay members £385m and launches £200 switch deal

Nationwide to pay members £385m and launches £200 switch deal
Paloma Kubiak
Written By:
Paloma Kubiak

Millions of Nationwide customers will receive a share of £385m, as it also launches a £200 current account switch deal amid one of its strongest sets of financial results.

The mutual has announced a record £2.2bn bonanza for members as part of three offers launched today amid confirmation of its strong financial performance over the year.

Its annual financial report for the year ending 4 April revealed statutory profit of £1.77bn.

Here’s what’s up for grabs if you’re an existing Nationwide customer:

Fairer Share Payment

As part of Nationwide’s second Fairer Share Payment, £385m will be distributed to eligible current account customers with a qualifying savings or mortgage account with the mutual.

That’s £100 each to 3.85 million customers, which will be paid directly into current accounts in June 2024. Last year, Nationwide distributed £344m to 3.4 million customers.

To get the £100, your current account must have been open on 31 March 2024, and you must also hold it in June when the payment is made.

When it comes to qualifying savings, that means at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2024.

Meanwhile, an eligible mortgage account means you must owe the society at least £100 on a Nationwide residential mortgage on 31 March 2024.

Nationwide said it will contact eligible members by 31 May 2024. A member can only qualify once for the payment, while joint account holders who meet the eligibility criteria can both qualify separately for the Fairer Share Payment.

£200 current account switch bonus

For existing Nationwide customers (as at 31 March) who don’t currently use the mutual for their everyday banking – that is, have a current account – you can get a £200 switch sweetener as part of its Member Exclusive Current Account Online Switch Offer.

To qualify, you need to complete a full switch using the Current Account Switch Service (CASS).

A minimum of two active direct debits must be transferred to the new account, which can be opened via the website, internet banking (once you’re logged in) or mobile banking app.

The deal also applies to existing customers switching a current account they hold with another provider to an existing account they hold with the society via the internet bank.

To get the £200, the switch must be completed within 28 days of the request to move.

There are currently a couple of other current account switch offers, including Santander’s £175, matched by First Direct. See our current account switching story for more information.

18-month bond paying 5.5%

The new Member Exclusive Bond pays 5.5% AER/gross (fixed) for 18 months and is available to all 16 million existing members who held a Nationwide current account, savings or mortgage account on 22 May 2024, and at the time of applying.

It can be opened in branch, via the banking app or internet bank.

Customers can invest a maximum of £10,000 in the bond and no withdrawals are allowed until the 18-month term ends.

Interest is paid annually on the anniversary of the account opening and maturity, with the estimated interest at £840.13.

Nationwide said the bond is available for a limited period and may be withdrawn at any time.

Debbie Crosbie, Nationwide’s chief executive, said: “Our strong financial performance means we are able to offer more ways for our members to benefit from our success. This is only possible because we are owned by members and all our profits are reinvested for their benefit.”

Related: Nationwide extends branch promise – including Virgin Money