NATIONWIDE customers looking to maximise their chances of getting a £100 bonus this year should do two things now.

The building society has dished out the “Fairer Share” free cash payments for two consecutive years, paying out £385million in 2024.

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It is yet to say whether customers will get a payment this year, but it is understood this could be confirmed in May.

Debbie Cross, Nationwide‘s boss, also announced in December that the bank was “well positioned” to dish out the £100 payment.

Assuming the payment is made this year and eligibility criteria remains the same, you’ll need to do two things. You must have:

• A qualifying current account and qualifying savings
• Or a qualifying current account and a qualifying mortgage.

You will also need to use your current account within the first three months of the year, so between January to March.

But there are also additional requirements based on the type of current account you have.

For example, those with a FlexPlus account need to have been paying the monthly fee to maintain the account.

Those with a FlexOne, FlexStudent or FlexGraduate account must have received at least one payment in or made one payment out of the account in March.

Those with a Flex Account, Flex Basic and FlexDirect account must either pay at least £500 into the account and make two payments out.

Or, the same customers may also qualify if they make at least 10 payments out.

Your savings account or cash ISA will qualify if you had a minimum of £100 in it “at the end of any day in March”.

A mortgage will qualify if you owe at least £100 on it.

What about if I’m not a Nationwide customer?

You could switch current accounts from another bank to Nationwide.

The building society is currently offering those switching to its FlexDirect account a £175 free cash payment.

You have to open the account online or via its app and switch from your existing current account including two direct debits within 28 days to open up the £175.

You also, within 31 days of requesting the switch, have to pay in £1,000 or more and make at least one payment using your card.

Once you’ve done all this the £175 will be paid within 10 days.

The FlexDirect account also gives the account holder 5% interest on current account balances up to £1,500 for the first 12 months.

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.

Plus, customers can get a 0% overdraft on balances up to £50.

ALL CHANGE AT NATIONWIDE

Nationwide axed passbooks for hundreds of thousands of customers at the start of the month.

The old-style books record all transactions related to savings accounts including deposits and withdrawals.

Customers who had a passbook can now instead get access to a savings wallet which can be used in a Nationwide branch.

You can find out more about the saving wallets via www.nationwide.co.uk/savings/passbook-accounts.

Nationwide also this month reduced rates on a host of savings accounts after the Bank of England (BoE) lowered its base rate.

The building society slashed rates on almost 90 savings accounts including cash ISAs and easy access accounts.

When the rate changes were announced, Tom Riley, Nationwide’s director of retail products, said: “We have worked hard to limit the impact of the recent rate cuts on our savers and have taken the decision to hold rates on some of our most popular accounts, such as our leading Flex Regular Saver.”

He added that following these changes its savings range “will remain competitive”.

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