Qualifying for a Nationwide bonus can be a fantastic way to boost your savings or get a little extra cash in your pocket. Nationwide, as a building society, often shares its profits with members through various "bonus" schemes, most notably the Fairer Share Payment and sometimes current account switching offers. These aren't always available, and the criteria can change, so staying informed is key!
Ready to dive in and see if you can snag some extra cash? Let's break down how to qualify for Nationwide bonuses, step-by-step.
Understanding Nationwide Bonuses: What Are They?
Before we get into the "how-to," it's important to understand what kind of bonuses Nationwide offers. They primarily come in two forms:
- The Fairer Share Payment: This is an annual payment Nationwide distributes to millions of eligible members, sharing a portion of its profits. It's usually a fixed amount, like £100, and is paid directly into eligible current accounts. This is a recurring payment that depends on Nationwide's financial performance and board approval.
- Current Account Switching Offers: Nationwide occasionally offers a bonus (e.g., £200) to new and sometimes existing members who switch their main current account to Nationwide using the Current Account Switch Service (CASS). These are typically for specific current account types and have their own set of requirements.
- Other Member-Exclusive Offers: Less frequent, but Nationwide may also offer special savings bonds or other incentives exclusively to its members.
Keep in mind that these offers are dynamic and subject to change. Always check the very latest terms and conditions directly on the Nationwide website.
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| How To Qualify For Nationwide Bonus |
Step 1: Are You Already a Nationwide Member, Or Are You Looking to Join?
This is the very first and most crucial question! Nationwide bonuses are generally aimed at their members.
- If you're already a Nationwide member: Great! You're in a good starting position for the Fairer Share Payment. You'll need to check if your existing accounts and activity meet the specific criteria. You might also be eligible for switching offers if you have another bank account you'd like to move to Nationwide.
- If you're not yet a Nationwide member: Don't worry! You can still qualify for bonuses, particularly the switching offers. Opening a qualifying current account is usually the first step to becoming a member and then potentially meeting the criteria for other bonuses.
Let's assume you're either an existing member or ready to become one.
QuickTip: Re-reading helps retention.
Step 2: Understanding the "Fairer Share Payment" - The Annual Member Bonus
The Fairer Share Payment is Nationwide's way of giving back to its loyal members. To qualify, you generally need to meet criteria related to your current account activity and holding a qualifying savings or mortgage product.
Sub-heading 2.1: Current Account Requirements
This is often the most detailed part. The specific requirements can vary slightly depending on the type of Nationwide current account you hold and the qualifying period (which is usually the first three months of the year leading up to the payment).
Here's a general breakdown of what's often required for the Fairer Share Payment:
- FlexAccount, FlexDirect, or FlexBasic:
- Option A: In two out of three specified months (e.g., January, February, March of the qualifying year), you must have received at least £500 into your account (excluding transfers from other Nationwide accounts) AND made at least two outgoing payments.
- Option B: Alternatively, in two out of three specified months, you must have made at least 10 outgoing payments in total.
- Switching during the period: If you completed a full current account switch to one of these accounts during the specified period (e.g., January 1st to March 31st of the qualifying year), you might also qualify.
- It's crucial to note that outgoing payments typically include debit card transactions, Direct Debits, standing orders, and bank transfers, but not transfers between your own Nationwide accounts.
- FlexOne, FlexStudent, or FlexGraduate:
- You must have made at least one incoming or outgoing transaction in a specific month (e.g., March of the qualifying year).
- Alternatively, completing a full current account switch to a FlexOne or FlexStudent account during the specified period might qualify you (FlexGraduate switches often do not count).
- FlexPlus (Packaged Account):
- You often qualify automatically simply by paying the monthly fee for this account. This is usually the simplest route for FlexPlus holders.
Sub-heading 2.2: Savings or Mortgage Product Requirement
In addition to the current account activity, you must also hold a qualifying Nationwide savings account or mortgage product. This typically means:
- You must have had at least £100 in total in one or more Nationwide savings accounts or Cash ISAs at the end of any single day in the specified qualifying month (e.g., March of the qualifying year).
- OR
- You must have owed at least £100 in total on one or more Nationwide residential mortgages on the specified qualifying date (e.g., March 31st of the qualifying year).
Sub-heading 2.3: Key Dates and Being Informed
- Account Open Date: Your current account generally needs to have been open on or before a specific date (e.g., March 31st of the qualifying year).
- Notification: Nationwide usually notifies eligible members by email or letter well in advance of the payment date.
- Payment Window: Payments are typically made within a specific window (e.g., between June 18th and July 4th).
- Check Eligibility: Nationwide often provides an online eligibility checker on its website. This is your best friend for confirming if you meet the latest criteria!
- Watch out for Scams: Nationwide will never ask you to apply for or claim the Fairer Share Payment. It's paid automatically to eligible accounts. Be wary of any communication asking for personal details to "claim" your bonus.
Step 3: Mastering the "Current Account Switching Offer"
Nationwide's switching offers are designed to attract new current account customers (or encourage existing members to consolidate their banking). These often provide a more immediate, larger bonus than the Fairer Share Payment.
Tip: Read in a quiet space for focus.
Sub-heading 3.1: Core Eligibility for Switching
- Existing Member Status: These offers are often member-exclusive, meaning you need to be an existing Nationwide member by a certain date (e.g., March 31st of the current year) to qualify. However, sometimes offers are open to new customers. Always check the specific offer's terms.
- No Recent Switching Bonus: You generally won't be eligible if you've received a Nationwide current account switching bonus since a specific date (e.g., since 2021). There might be exceptions for switching from a sole to a joint account, or vice-versa, if the new account hasn't previously benefited.
- Account Type: You'll need to switch into a qualifying Nationwide current account, usually a FlexAccount, FlexDirect, or FlexPlus.
Sub-heading 3.2: The Switching Process Requirements
This is where the detailed actions come in to secure your switching bonus:
- Full Switch via CASS: You must use the Current Account Switch Service (CASS). This is a free, independent service that makes switching bank accounts straightforward. It ensures your old account is closed, and all payments (Direct Debits, Standing Orders, etc.) are automatically transferred to your new Nationwide account.
- Partial or manual switches typically will not count.
- Transfer Direct Debits: You usually need to transfer a minimum number of active Direct Debits as part of your switch (e.g., at least two active Direct Debits). These must be existing Direct Debits from your old account.
- Deposit Requirement: Within a set timeframe (e.g., 31 days of account opening or initiating the switch), you'll need to pay in a minimum amount into your new Nationwide account (e.g., at least £1,000).
- Note that money transferred as part of the switch from your old account will count, but money transferred from other Nationwide accounts or Visa credits typically will not.
- Debit Card Payment: Within the same timeframe (e.g., 31 days), you must make at least one payment using your new Nationwide debit card. This includes contactless, Apple Pay, Google Pay, Samsung Pay, and recurring card payments.
- Certain transactions are usually excluded, such as cash withdrawals, gambling, cryptocurrency transactions, foreign currency exchange, or mortgage payments.
- Completion Timeframe: Your full switch must complete within a specific number of days from when you requested it (e.g., 28 days).
Sub-heading 3.3: Receiving Your Switching Bonus
- Payment Timeframe: If you meet all the requirements, Nationwide will typically pay the bonus into your new account within a set number of working days (e.g., 10 working days) of you meeting all the criteria.
- Account Must Remain Open: Your Nationwide account must remain open when the payment is made.
- Statement Label: The payment will usually appear on your statement as "Switching Offer."
Step 4: Keeping Your Details Up-to-Date
This step is critical for any bonus. Nationwide will use the contact details they have on file to communicate with you about eligibility and payment.
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- Regularly check and update your contact information in your Nationwide Internet Bank or Banking App. This includes your email address and postal address.
- If your details are incorrect, you might miss important notifications or even the payment itself (especially if they send a cheque as a last resort).
Step 5: Reviewing the Latest Terms and Conditions
This cannot be stressed enough: Always, always, always refer to the official Nationwide website for the most up-to-date and specific terms and conditions for any bonus offer.
- Offers are time-limited and the eligibility criteria can change from one year or offer period to the next.
- Look for the specific PDF documents that outline the full terms for each bonus. These documents provide the definitive rules.
By following these steps, you'll significantly increase your chances of qualifying for and receiving a Nationwide bonus!
Frequently Asked Questions (FAQs)
How to check if I'm eligible for the Nationwide Fairer Share Payment?
Nationwide usually sends an email or letter to eligible members before the payment. You can also log into your Internet Bank or Banking App, or use their online eligibility checker on the Nationwide website.
QuickTip: Don’t rush through examples.
How to make sure my current account activity qualifies for the Fairer Share bonus?
For FlexAccount, FlexDirect, or FlexBasic, ensure you either deposit at least £500 and make two outgoing payments in two out of three months, or make 10+ outgoing payments in two out of three months during the qualifying period (typically January-March). For FlexOne, FlexStudent, FlexGraduate, ensure at least one incoming or outgoing transaction in March.
How to transfer Direct Debits for a switching bonus?
When you initiate a full current account switch using the Current Account Switch Service (CASS), you will be asked to select which Direct Debits you wish to transfer from your old account. Ensure you select at least the minimum required (e.g., two).
How to ensure my £1,000 deposit for a switching bonus counts?
Pay at least £1,000 into your new Nationwide account within the specified timeframe (e.g., 31 days). This can be from an external bank account. Money transferred from another Nationwide account or a Nationwide Visa credit card typically won't count.
How to make a qualifying debit card payment for a switching bonus?
Simply use your new Nationwide debit card for a purchase, either online, in-store, or via contactless, Apple Pay, or Google Pay. Avoid cash withdrawals, gambling, crypto, or money transfers as these are usually excluded.
How to find the latest Nationwide bonus offers?
Always check the "Current Accounts" or "Offers" section of the official Nationwide Building Society website. They actively advertise their current bonuses there.
QuickTip: Look for repeated words — they signal importance.
How to avoid missing out on a Nationwide bonus?
Keep your contact details up-to-date with Nationwide, regularly check their website for new offers and terms, and make sure you meet all specified criteria within the given timeframes.
How to know when the Fairer Share Payment is made?
Nationwide usually confirms the payment window (e.g., June 18th to July 4th) in their communications to eligible members. The payment is made automatically during this period.
How to contact Nationwide if I think I'm eligible but haven't received a bonus?
If you believe you met all the criteria, you can contact Nationwide through their Internet Bank or Banking App's chat service, or visit one of their branches. Have your account details ready.
How to apply for a Nationwide current account to qualify for a bonus?
You can apply for a Nationwide current account directly through their website, via their Internet Bank (if you're already a member), or through their mobile banking app. If it's a switching offer, ensure you select the "switch" option during the application process.
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