Martin Lewis Urges Nationwide Account Holders to Verify Eligibility for £100 Payment
Personal finance expert Martin Lewis has issued a crucial warning to individuals considering closing underused bank accounts, particularly those with Nationwide Building Society. Speaking on his BBC podcast this week, Mr Lewis addressed a listener's query about whether shutting dormant current accounts could negatively impact their credit rating.
The listener explained they had opened multiple bank accounts over time to access various savings services, resulting in several redundant accounts. While Mr Lewis generally affirmed that closing such accounts should be acceptable, he highlighted a specific exception involving Nationwide's upcoming Fairer Share payment scheme.
Nationwide's Fairer Share Payment Scheme Details
Mr Lewis elaborated that Nationwide is preparing to run its annual Fairer Share initiative, which rewards eligible customers with payments of £100 or £150. He cautioned, "Nationwide is running its fairer share that it runs every year, and we're getting close to the eligibility criteria for existing customers. But you also have to have either savings or a mortgage with them as well as a current account in order to get a payment."
Although specific criteria for 2026 have not been officially announced, Mr Lewis based his advice on previous years' patterns, suggesting the scheme will likely operate similarly. He advised Nationwide customers to review the details of the Fairer Share scheme to determine their eligibility, potentially securing a £150 bonus.
The Nationwide Fairer Share payment is a £100 cash bonus distributed annually to eligible members since 2023, designed to share profits with customers rather than shareholders. Payments typically occur in June or July but are not guaranteed and require meeting specific account holding criteria.
Eligibility Requirements and Payment Timeline
While 2026 criteria remain unconfirmed, historical requirements indicate that customers generally need to maintain a current account open until March 31, 2026, and meet specific usage conditions. These may include receiving £500 or more and making at least two payments out, or completing a full account switch.
Additionally, individuals must have held at least £100 in Nationwide savings at the end of any day in March 2025, or owed a minimum of £100 on a Nationwide mortgage as of March 31, 2025, assuming similar rules apply this year.
The cash bonus will be paid directly into eligible Nationwide current accounts between Wednesday, June 18, and Friday, July 4, appearing on statements as 'Nationwide Fairer Share Payment'.
Nationwide's Official Statement and Switching Incentives
Nationwide has stated, "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."
Concurrently, Nationwide is offering a £175 incentive for customers who switch their current account to the building society using the Current Account Switch Service. This offer applies to transfers to new or existing FlexDirect, FlexAccount, or FlexPlus accounts, requiring a £1,000 deposit and one debit card transaction within 31 days of account opening or switch application.
Strategic Advice on Account Management
Mr Lewis emphasized that the potential to claim switching bonuses presents a compelling reason to close dormant accounts promptly. He explained, "You might be eligible for a new customer offer again in a few years' time once you've had this closed. So you may as well close it in case they do a new customer offer and in four years' time, you count as a new customer again, whereas by keeping it open you wouldn't count as a new customer."
This advice aligns with broader trends in the banking sector, where many institutions provide switching incentives to attract customers. Mr Lewis's guidance underscores the importance of strategic financial planning to maximize benefits while managing credit health effectively.
