Are you ready to unlock some extra cash from Nationwide? Nationwide Building Society is known for rewarding its members, and they often offer various bonuses, particularly for current account holders and those who switch their banking to them. Getting your hands on these bonuses can be a fantastic way to boost your finances, but it requires understanding the specific eligibility criteria. Let's dive into a comprehensive guide on how you can qualify for Nationwide bonuses!
Unlocking Nationwide Bonuses: Your Comprehensive Guide
Nationwide offers different types of bonuses, and the qualification criteria can vary depending on the specific offer. Generally, these bonuses fall into two main categories: the Fairer Share Payment (a loyalty bonus for existing members) and Current Account Switching Bonuses (designed to attract new customers). There have also been one-off "Thank You" payments, such as the one following the Virgin Money acquisition. We'll cover the most common ways to qualify.
Step 1: Discover the Current Nationwide Bonus Offers
First things first: Are you aware of the latest Nationwide bonus offers? This is the crucial starting point, as offers change! Nationwide regularly updates its bonus schemes, and what was available last month might not be available today.
- How to find current offers:
- Nationwide's Official Website: Always check the "Current Accounts" or "Offers" section of the Nationwide Building Society website. This is the most reliable source for up-to-date information.
- Financial News Outlets & Comparison Sites: Reputable financial news websites and bank account comparison sites often highlight the latest switching deals and loyalty bonuses from various banks, including Nationwide. Keep an eye on these for announcements.
- Your Nationwide Communications: If you're an existing member, Nationwide might notify you directly about loyalty bonuses through email or post. Don't dismiss those emails or letters!
Key Takeaway: Never assume a bonus is ongoing. Always verify the current offer and its terms before proceeding.
Step 2: Understand the "Fairer Share Payment" (Loyalty Bonus)
The "Fairer Share Payment" is Nationwide's way of rewarding its loyal members when the building society performs well. This payment is typically made annually, subject to board approval and financial results.
Sub-heading 2.1: Who is generally eligible for the Fairer Share Payment?
To qualify for the Fairer Share Payment, you typically need to meet a combination of criteria related to your Nationwide current account and other Nationwide products (savings or mortgage).
- Be an existing Nationwide member: You must have been a Nationwide member by a specific cutoff date (e.g., 31 March of the bonus year).
- Hold a qualifying Nationwide current account: This usually includes accounts like FlexAccount, FlexDirect, FlexBasic, FlexOne, FlexGraduate, or FlexStudent.
- Active Current Account Usage: The specific activity required for your current account can vary but generally includes one of the following:
- Paying in a minimum amount: For FlexAccount, FlexDirect, or FlexBasic, you might need to pay in at least £500 (excluding internal transfers) and make at least two outgoing payments in two out of three specified months (e.g., January, February, March of the qualifying year).
- Making a certain number of outgoing payments: Alternatively, you might need to make at least ten outgoing payments in total in two out of three specified months.
- For FlexOne, FlexStudent, or FlexGraduate accounts: Often, simply receiving or making at least one payment in or out of the account during a specific month (e.g., March) is enough.
- FlexPlus customers: Generally qualify automatically by paying their monthly fee.
- Hold a qualifying savings or mortgage product: In addition to your current account, you usually need to hold either:
- A Nationwide savings account: With a minimum balance (e.g., at least £100) on any single day in a specified month (e.g., March of the qualifying year).
- A Nationwide mortgage: With at least a minimum amount left to repay (e.g., £100) by a specific date (e.g., 31 March of the qualifying year).
Sub-heading 2.2: Important Considerations for the Fairer Share Payment
- Annual Decision: This bonus is not guaranteed every year. The Nationwide Board makes a decision annually based on their financial performance.
- No Application Needed: If you meet the criteria, the payment is typically credited directly to your Nationwide current account. You don't usually need to apply for it.
- Communication: Nationwide will generally notify eligible members via email or letter before the payments are made.
Step 3: Master the Current Account Switching Bonus
Nationwide frequently offers attractive bonuses to individuals who switch their main current account to them. These are often one of the most lucrative ways to get a bonus from Nationwide.
Sub-heading 3.1: Core Requirements for Switching Bonuses
While specific terms can vary, here are the common requirements you'll need to meet for a Nationwide current account switching bonus:
- Be a New Customer (or specific existing customer): Typically, these offers are for new customers or existing Nationwide members who haven't received a switching bonus from them within a certain timeframe (e.g., since January 1, 2020, or after a specific past date). Crucially, check if you've received a previous switch bonus from Nationwide, as this will likely exclude you.
- Use the Current Account Switch Service (CASS): You must use the official Current Account Switch Service to complete a full switch from an external bank account. This service ensures a smooth transfer of your balance, Direct Debits, and Standing Orders, and it automatically closes your old account. Partial or manual switches will not qualify.
- Switch to an Eligible Nationwide Current Account: The offer will specify which Nationwide current accounts qualify. Common eligible accounts include:
- FlexDirect
- FlexAccount
- FlexPlus
- Transfer a Minimum Number of Direct Debits: You'll typically need to transfer a specified number of active Direct Debits (often two or more) as part of your switch. These must be genuine Direct Debits for household bills, not internal transfers or payments to other personal accounts.
- Meet Funding/Activity Requirements: Once your new Nationwide account is open (or the switch initiated), you might need to:
- Pay in a minimum amount: For example, deposit at least £1,000 into your new Nationwide account within a certain number of days (e.g., 31 days). Money transferred from your old account via CASS usually counts towards this.
- Make debit card payments: You might need to make a specified number of debit card payments (e.g., at least one) from your new Nationwide account within a given timeframe. Be aware of exclusions, as gambling and crypto transactions often don't count.
- Complete the Switch within a Timeframe: The entire switch process, including meeting all the criteria, usually needs to be completed within a specific period (e.g., 28 or 60 days from initiating the switch or opening the account).
Sub-heading 3.2: How to Initiate a Switch for a Bonus
- Check Eligibility: Before you do anything, ensure you meet all the eligibility criteria for the specific switching offer you're interested in. Pay close attention to any exclusion clauses, especially regarding previous bonuses.
- Open an Eligible Account (or use existing): Apply for one of the qualifying Nationwide current accounts online, via their Internet Bank, or through their banking app. During the application process, you'll usually be prompted to initiate a switch.
- Provide Switch Details: You'll need the details of the bank account you wish to switch from, including your old account number and sort code.
- Nominate Direct Debits: Ensure you clearly indicate the Direct Debits you wish to transfer.
- Monitor Progress: Nationwide will handle the switch with your old bank. You can often track the progress online.
- Meet Post-Switch Requirements: Once the switch is complete, ensure you meet any post-switch requirements, such as paying in a minimum amount or making debit card transactions, within the specified timeframe.
Sub-heading 3.3: When Will the Switching Bonus Be Paid?
If you meet all the conditions, Nationwide typically pays the switching bonus directly into your new current account within a set number of working days after the switch is successfully completed and all criteria are met (e.g., within 10 working days).
Step 4: Keep an Eye on Other Potential Bonuses
While the Fairer Share Payment and Current Account Switching Bonuses are the most common, Nationwide may occasionally offer other types of bonuses:
- Refer-a-Friend Schemes: Historically, some banks have offered "refer-a-friend" bonuses. While less common for Nationwide's core banking products currently, it's always worth checking if such schemes are active for specific products like pet insurance.
- Specific Product Promotions: Occasionally, there might be promotional offers linked to opening a new savings account, mortgage, or other Nationwide product. These are usually advertised clearly alongside the product details.
Step 5: Maintain Your Account and Stay Informed
Once you've qualified for a bonus, it's essential to maintain your Nationwide account according to their terms and conditions to avoid any issues.
- Keep Contact Details Updated: Ensure Nationwide has your correct email address and postal address so you receive important communications about bonuses and your account.
- Review Account Terms: Familiarise yourself with the terms and conditions of your Nationwide account to understand any ongoing requirements, especially for accounts like FlexDirect which may offer ongoing benefits (like interest or cashback) based on monthly funding.
- Check Your Statements: Regularly review your bank statements to confirm bonus payments have been received.
By diligently following these steps and staying informed about Nationwide's current offers, you significantly increase your chances of qualifying for their valuable bonuses!
10 Related FAQ Questions
How to check my Nationwide bonus eligibility?
To check your eligibility for current Nationwide bonuses, visit their official website, specifically the "Current Accounts" or "Offers" sections. For the "Fairer Share Payment," Nationwide typically notifies eligible members directly via email or post, and they may also provide an online eligibility checker.
How to apply for a Nationwide switching bonus?
You apply for a Nationwide switching bonus by opening an eligible Nationwide current account online or via their app and choosing to use the Current Account Switch Service (CASS) during the application process. Ensure you meet all specific terms, like transferring Direct Debits and fulfilling funding/activity requirements.
How to know if I've received a previous Nationwide switch bonus?
Nationwide's terms and conditions for switching bonuses will state if you're ineligible if you've received a previous switch bonus since a specific date (e.g., "since January 2020"). You can also review your past bank statements for "Switching Offer" payments or contact Nationwide customer service.
How to transfer Direct Debits for a Nationwide bonus?
When you use the Current Account Switch Service (CASS) to switch your account to Nationwide, the service automatically transfers all your existing Direct Debits from your old account to your new Nationwide account. You'll simply need to ensure you have the required number of Direct Debits active.
How to find out the payment date for Nationwide bonuses?
Payment dates for Nationwide bonuses are usually specified in the offer's terms and conditions. For the annual "Fairer Share Payment," Nationwide typically announces the payment window in May/June, with payments made over several weeks, usually by early July. Switching bonuses are generally paid within 10 working days of completing all requirements.
How to contact Nationwide customer service for bonus queries?
You can contact Nationwide customer service by phone (e.g., 03457 30 20 11, available 7 days a week, 8 am to 8 pm), via their online chat through the Internet Bank or Banking App, or by visiting a local branch.
How to ensure my Nationwide current account remains "active" for bonus eligibility?
To ensure your Nationwide current account remains active for bonus eligibility, adhere to the specific requirements of the bonus. This often involves maintaining a minimum monthly pay-in (e.g., £500), making a certain number of outgoing payments (e.g., two or ten per month in specific periods), or simply having any transaction for some account types.
How to qualify for a FlexDirect bonus?
To qualify for a FlexDirect bonus (such as a switching bonus), you typically need to be a new customer (or not have received a recent Nationwide switch bonus), complete a full switch using CASS to a FlexDirect account, transfer at least two Direct Debits, and meet funding/debit card usage requirements within specified timeframes (e.g., pay in £1,000 and make one debit card payment within 31 days).
How to check if Nationwide has a "refer a friend" bonus currently?
While Nationwide has had referral schemes in the past, particularly for specific products like pet insurance, they are not always active for their main banking products. The best way to check for a current "refer a friend" bonus is to visit the Nationwide website or check your online banking portal for any member-exclusive referral options.
How to ensure I don't miss out on future Nationwide bonuses?
To ensure you don't miss out on future Nationwide bonuses, regularly check their official website for new offers, subscribe to their communications (emails, newsletters), and keep your contact details updated with them. For loyalty bonuses like the Fairer Share, maintain active usage of your Nationwide accounts as per typical qualifying criteria.
