MILLIONS of bank account holders will get £100 free cash paid directly within days.
Nationwide has revealed that around 3.4million of its customers will be entitled to a share of a £385million cash post.
The mutual lender announced that its £100 Nationwide Fairer Share reward was returning for a second year.
To be eligible, members will need to hold a qualifying current account, plus either a qualifying saving or mortgage product.
Payments will be sent out automatically to account holders from Thursday (June 13) up until June 28.
And there’s a code people need to look out for on their bank statements – it is “Nationwide Fairer Share Payment”.
You will need to have held the account on March 31 to be eligible and still have the account open in June.
It comes as the building society launched a £200 Member Exclusive Current Account Online Switch Offer.
You can start making the switch within a matter of minutes using the Current Account Switch Service (CASS).
At least two direct debits have to be transferred to the new account, which can be opened on Nationwide’s website or via its app.
The switch must be completed within 28 days of first applying.
This week Nationwide has also launched a new Member Exclusive Bond offering a rate of 5.5% AER-gross (fixed) for 18 months.
It is available to 16million existing customers and a maximum of £10,000 can be invested.
How does the Fairer Share scheme work?
Nationwide’s scheme is a profit-share scheme for members who hold multiple accounts with the building society.
The £100 payments will be sent out to eligible customers automatically between June 13 and June 28.
Customers need to have held the qualifying accounts on March 31 to be eligible and still have them open in June.
But you don’t just need to have the accounts open – there are also rules around how much you need to pay in and save to qualify.
Where to find the best savings rates
Many savings accounts offer miserly rates meaning that money is generating little or no return.
However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate.
Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.
If you’re keeping your money in an easy access account, you’ll need to keep checking whether it’s the best paying account for your circumstances and move if not.
Check in at least once a month to see what is happening in the market.
Check what is offered by your bank – sometimes the best rates are for customers only.
But do search the wider market as often top savings accounts are offered by lesser known providers.
Comparison sites are a good place to check for the top rates. Try Moneyfactscompare.co.uk or Moneysupermarket.
You can search by different account type. You’ll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it’s always a good idea to keep some money in an easy access account in case of emergencies.
Don’t overlook regular savings accounts often pay some of the best rates, but you’ll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
Will I get the £100 Nationwide Fairer Share payment?
To be eligible, you must have one of the following product combinations with Nationwide:
- A qualifying current account and qualifying savings
- A qualifying current account and qualifying mortgage
The following current accounts will qualify you for the payment:
- FlexPlus
- FlexOne
- FlexStudent
- FlexGraduate
- FlexAccount
- FlexDirect
- FlexBasic
If you have one of current accounts above and had at least £100 in total in one or more personal savings accounts, or cash ISAs, in March then you should be eligible for the payment.
Plus, if you owed at least £100 on your Nationwide residential mortgage on March 31, you’ll qualify for the windfall.
It’s good news if you have a joint current account, savings or mortgage because you will both qualify separately.
This means you will get a total of £200.
If you’re still unsure whether you qualify, there is an eligibility checker on the Nationwide website.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories