Martin Lewis has urged Nationwide customers to check the eligibility criteria for a potential bonus payment from the building society. Speaking on his BBC podcast, the consumer champion discussed various banking tips, including when to close current accounts and the importance of understanding bonus schemes.
One listener asked whether they should close multiple current accounts opened solely to access regular saver accounts. Lewis noted that while closing accounts could affect credit scores, there is a specific reason to keep a Nationwide account open: the Fairer Share scheme. This annual programme distributes profits to eligible members, with payments of £100 or £150 made in previous years.
Lewis explained that to qualify for the Fairer Share payment, customers typically need a qualifying current account alongside a savings account or mortgage with Nationwide. Specific account activity during certain months is also required. He cautioned that the 2026 details have not yet been announced, but he expects the scheme to continue in a similar form.
Nationwide confirmed that the board will decide on a 2026 Fairer Share payment after the financial year ends, with eligibility criteria agreed at that time. The decision will be announced in May. Meanwhile, Nationwide is offering a £175 switching incentive for new current account customers who meet certain conditions, including a minimum £1,000 deposit and one debit card payment within 31 days.
Lewis advised listeners to review the terms of the Fairer Share scheme if they hold a Nationwide account, as it could provide a bonus on top of other benefits. He also noted that many banks offer switching deals, which may be a reason to close unused accounts.
