NATIONWIDE customers will start getting £100 free cash in a matter of days.
Millions of customers will receive the payment through its Fairer Share scheme, which rewards loyal members who save or borrow with the building society.
The first payments will hit bank accounts on June 18 – meaning there’s less than a week to go.
Nationwide has said the payments will be made between then and July 4.
However not all Nationwide customers will be eligible.
To receive the payment you will need to have opened a current account with Nationwide on or before March 31, 2025.
You must have also had at least £100 in savings, or owed £100 or more on a mortgage by that same March deadline.
Plus you’ll need to have used your account between January 1 and March 31 this year.
Still, about four million customers are set to benefit from the cash payment.
A total of about £410million is being paid out.
The building society has run its Fairer Share scheme for three years in a row now, so if you open a current account now you may have a chance of getting the free cash next year.
However there is no guarantee Nationwide will run the scheme again.
Last year, Nationwide paid out £385million to 3.85million people.
Separately, it also paid out £50 to around 12million customers between April and May.
Nationwide also recently offered exclusive access to a top savings account rate for its customers.
Those who already bank with the building society can open up a Member Exclusive Bond account which has a very attractive 5% interest rate.
The 18-month-fixed term account will net you £759 in interest if you put in the maximum £10,000.
What other banking perks can you get?
Banks often pay you to switch to their current accounts, and there’s four currently offering switching freebies.
First Direct is giving away £175 to people who switch to its 1st Account.
You just need to open an account and set up at least two direct debits or standing orders within 45 days.
You will also need to pay in £1,000 and make five debit card payments within the same timeframe.
TSB is handing out £100 cash but £15 a month in cashback for six months to those who switch to its Spend and Save account.
Plus you can get either £120 credit towards a hotel booking via Expedia’s Travel Credits website or 12 months of activity tickets with the National Activities Network.
Existing customers with Nationwide can also get a free £200 bonus if they switch a non-Nationwide current account into a new or existing FlexDirect account.
You’ll also get 5% interest on current account balances up to £1,500 for a year.
Meanwhile Santander is giving out £180 free cash to those who switch to its Edge account.
Plus there’s a linked savings account that pays 6% interest on up to £4,000 for the first year.
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.
