Consumer expert Martin Lewis has issued a timely reminder to Nationwide Building Society customers, urging them to carefully examine the qualifying rules for upcoming bonus payments. Speaking on his BBC podcast, Lewis highlighted the importance of understanding eligibility criteria for the provider's Fairer Share scheme, which could see members receive payments of £100 or £150.
Banking Tips and Regular Saver Accounts
During the podcast, Lewis covered a broad spectrum of banking advice, including insights into various savings accounts and the strategic considerations around closing current accounts. A listener raised a specific query about managing multiple current accounts that were initially opened to access regular saver accounts.
Regular saver accounts are an effective tool for boosting savings, allowing individuals to set aside modest amounts monthly. These accounts often feature attractive interest rates, with many currently offering 7 percent or higher. However, they typically come with monthly deposit limits and require a linked current account from the same provider.
Current Account Management and Credit Impact
The listener explained that their regular saver accounts had matured, leaving the associated current accounts unused for daily banking. They sought advice on whether to close these accounts or keep them active. In response, Lewis cautioned that closing accounts could affect one's credit score, but he noted a specific consideration for Nationwide customers.
Nationwide's Fairer Share Scheme Details
Lewis elaborated on Nationwide's Fairer Share scheme, a programme where the mutual distributes profits to members. Over the past three years, the building society has made annual payments of £100, with over four million customers receiving the bonus in 2025. To qualify, recipients needed a qualifying current account alongside either a savings account or mortgage, with specific account activity required during January, February, or March 2025.
While the full terms for last year's payment are available on Nationwide's website, Lewis emphasised that details for 2026 have not yet been confirmed. He stated, "I don't know the details for this year, they haven't announced it, I'm basing it on what they've done in past years but I suspect it will be doing something similar." He advised customers to review the scheme's criteria to potentially secure a bonus, which may be £150 this year.
Upcoming Announcement and Switching Incentives
Nationwide has indicated that a decision on the 2026 Fairer Share payment will be made after the financial year end, with eligibility criteria to be agreed upon and announced as part of full-year results in May. Additionally, Nationwide is currently offering a £175 incentive for switching current accounts to them, requiring a transfer via the Current Account Switch Service, a minimum deposit of £1,000, and one debit card payment.
Lewis suggested that the possibility of securing such bonuses is a strong reason to close unused current 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 underscores the value of staying informed about banking offers and managing accounts strategically to maximise financial benefits.
