Millions of Nationwide customers will miss out on a free £100 cash bonus for a second consecutive year because they do not meet the strict criteria.
The building society is handing out £100 Fairer Share payments for the second year running. But just 3.85 million out of its 16 million customers — about 24 per cent — are eligible for the bonus.
James Daley from the consumer group Fairer Finance said: “This annoyed people last year, and they’re doing it again when it’s only a small percentage of people who will get it. There are lots of long-term customers who are going to be upset by this.”
• I’m 54 and have £500,000 in cash, can I retire?
The qualification rules are pretty complicated. To earn this year’s bonus, you must have paid at least £500 into a Nationwide current account for two of the first three months of the year and made two payments out. You also need to have held £100 in a Nationwide savings account or have owed at least £100 on a mortgage at the end of March.
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A year ago, dozens of loyal customers told Money that they were outraged to miss out on the cash after only 3.4 million customers received the £100 payout.
“How can this be a fairer share scheme if not all members profit?” one customer of the building society since 1980 told Money.
Another said they were not eligible “despite having been a regular saver since the 1970s, having a mortgage for 25 years, having a Flex account, numerous savings accounts, and share Isas.”
But customers who are not eligible for the bonus could at least earn twice as much from the same bank by switching an account.
Nationwide is offering a £200 bonus if you move a current account with two direct debits to the bank, but, again the criteria are complicated. you have to already have a Nationwide mortgage or savings account and have not switched a current account to the bank since August 2021.
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• Where should I save once I’ve used my £20,000 Isa allowance?
Andrew Hagger from the advice site Moneycomms said: “Combined with the £100 payment being made for the second successive year, the overall loyalty package should help to deter people from switching away from Nationwide to a rival bank in search of a bonus.”
TSB is offering £100 for those who switch into its Spend & Save current account. You must switch through the current account switching service (Cass), make five debit card payments and log into mobile banking at least once to get the cash. If you make 20 card payments a month, you could earn an extra £10 a month for six months.
First Direct, Lloyds and Santander are offering qualifying new customers £175 switching bonuses.
