Nationwide Building Society has released a comprehensive update for its members regarding ongoing bonus payment schemes and future financial incentives. The mutual savings provider continues to offer attractive cash rewards to customers who engage with specific account services, while also outlining the potential for further profit-sharing initiatives in the coming year.
Current £175 Switching Incentive Remains Active
A spokesperson for Nationwide has confirmed that the building society's £175 switching offer remains live for eligible customers. This cash incentive is designed to encourage individuals to transfer their current account from another financial provider to Nationwide using the Current Account Switch Service.
Eligibility Requirements for the Switching Bonus
To qualify for the £175 payment, customers must complete several specific actions within designated timeframes. The requirements include:
- Conducting a full current account switch that includes closing the previous account
- Transferring at least two active direct debits to the new Nationwide account
- Depositing a minimum of £1,000 into the account
- Making at least one debit card payment within 31 days of either opening the account or initiating the switch request
The bonus applies specifically to customers switching to a new or existing FlexDirect, FlexAccount, or FlexPlus account. Once all requirements are satisfied, the £175 payment is typically credited to the customer's account within ten working days.
Limited Time Offer Without Specified Deadline
While Nationwide's website describes the £175 switching offer as available for a "limited time only," the building society has not publicly announced a specific end date for the scheme. Customers interested in taking advantage of this incentive are advised to review the complete terms and conditions on Nationwide's official website for the most current information.
Historical Bonus Payments and Future Prospects
Nationwide has established a pattern of rewarding its members through various bonus schemes in recent years. The mutual has distributed multiple £100 payments through its Fairer Share Payment initiative, which allocates a portion of the society's profits directly to qualifying customers.
Fairer Share Payment History and Criteria
Over the past three years, Nationwide has made annual £100 payments to eligible members through the Fairer Share Payment scheme. Approximately four million customers received this bonus last year alone. Qualification typically requires:
- A qualifying current account with Nationwide
- Either a savings account or mortgage that meets specific criteria with the provider
Nationwide has also previously distributed a one-off £50 payment to millions of members as part of the Big Nationwide Thank You initiative, which followed the group's acquisition of Virgin Money.
Potential for 2026 Fairer Share Payments
When questioned about the possibility of another Fairer Share Payment in 2026, Nationwide provided clarification regarding their decision-making process. A representative explained: "Nationwide's board will decide on a Fairer Share Payment for 2026 and it will depend on our financial performance. That assessment will be made after our financial year end, with the eligibility criteria for this year being agreed then too. The decision will be announced as part of our full year results in May."
Guidance on the building society's website further elaborates: "We'd like to make Fairer Share Payments every year, but it depends on how we perform financially. For any future payments, we may change the eligibility criteria and the amount we pay."
This approach reflects Nationwide's mutual status, where financial success can translate directly into member benefits, though these remain contingent upon the society's annual performance and board decisions.
