Money expert Martin Lewis has shared his key tips for savers to get a free £100 from Nationwide in 2025.
For the past two years, the popular retail bank has given its members an exclusive ‘fairer share’ bonus – and its not too late for customers of other banks, who could even secure as much as £275.
Last year, a total £385 million was paid to 3.85 million Nationwide members, up from £340 million between 3.4 million members the year before.
The building society has not yet released details of this year’s bonus, but criteria for the last two payments gives a good idea of who can benefit.
Writing in his weekly email, Mr Lewis says there are some key steps Nationwide members can take to ensure they qualify for the 2025 bonus.
Firstly, your Nationwide account must be open by 31 March 2025 at the latest, as this is the last time the bank will check who qualifies. It’s also advisable not to close your account after this, as only current members can receive the payment.
Next, this account must be used within the first three months of the year. This could mean paying at least £500 in to the account, or making at least ten payments out of it (or both, to be safe). Payments out can include bank transfers and standing orders, but not transfers to other Nationwide accounts in your name.
But there is one more criteria that may catch many people out. In both 2023 and 2024, Nationwide members also had to have either a savings account or mortgage with the bank to receive their bonus. Last year, there had to be at least £100 in the savings account, or at least £100 owed on the mortgage.
Nationwide offers a range of savings accounts, with common choices being the Flex Instant Saver, offering three per cent interest on unlimited withdrawals, or the Flex Regular Saver, offering 6.5 per cent with a maximum of three withdrawals.
Provided that you’ve met all the requirements, you should be contacted on 31 May. You can then expect your payment to come through 13 June and 28 June, based on last years’ timings.
How non-Nationwide members can get £275
For customers of other banks, there may still be a way to get Nationwide’s 2025 member payment AND a £175 bonus on top – but they have to act fast.
This is because Nationwide is also currently offering a £175 bonus for switching to them from another bank. This can be done in just seven working days, and will open an account which offers a year of five per cent interest on up to £1,500 and up to £5 a month cash back.
Last year, anyone who had switched to the bank between 1 January 2024 and 31 March 2024 did not even need to meet the criteria for payments in or out to qualify.
However, it should be noted that this advise applies to the 2023 and 2024 payments. Nationwide has not yet confirmed any details for the Fairer Share Payment in 2025.
Nationwide says it will reveal details of this year’s payment scheme in May after its board has assessed the bank’s financial performance for the past year.
