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NewsSavings account holders urged to do check after £100 payments announcedA bank expert has said it can be 'rewarding' to look over your

financesleicestermercuryBookmarkShareCommentsNewsByNicholas Dawson12:22, 3 JUN 2025BookmarkSavers have been urged to check over their finances (Image: Getty)Get the latest Leicestershire

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Savers are being urged to give their finances the once-over after Nationwide Building Society announced it will pay out £100 to millions of members. The payments are the latest round of

Nationwide's Fairer Share Payment, a scheme through which the organisation shares its profits with devoted customers.

More than four million Nationwide customers are poised to receive this bonus. The group will pay out the amounts into qualifying members' Nationwide current accounts from June 18 until

July 4 this year.

This generous giveaway follows on the heels of an earlier £50 payout from Nationwide to millions of account holders. This was as a one-off token of appreciation after it successfully

acquired Virgin Money.

These giveaways by Nationwide may entice customers from other banks to think about switching. Commenting on Nationwide's announcement, Kevin Mountford, co-founder of savings provider

Raisin UK, called on all savers to look over their accounts.

He said: "It's a timely reminder for all of us to take stock of our finances. Reviewing your savings accounts, comparing current rates, and moving your money if it's sitting in a

low-interest account can often be far more rewarding in the long run than a one-off cash payment."

Despite this, he cautions against making a switch solely because you could get some bonus cash: "While a £100 payment is certainly a nice perk, it shouldn't be the only factor when

choosing a provider.

"Savers need to think about the bigger picture – including the interest rates on offer, the service they receive, and whether their money is really being put to good use." He spoke about

whether other building societies or banks may roll out similar bonus payments.

The banking expert said: "In theory, yes – but in practice, it's less likely. Most high street banks are under pressure to deliver profits to shareholders, which often takes priority

over giving back to customers in this way."

Nonetheless, he did note that similar cash incentive schemes have appeared previously, such as switching offers from HSBC, First Direct, NatWest and Lloyds, with amounts varying from £100 to

£200.

However, Mr Mountford pointed out that these differ from Nationwide's bonus payments, which are intended as a reward for customer loyalty. Nationwide is reaching out to eligible

customers who are set to receive the latest £100 payment.

To be entitled to the Fairer Share Payment, you must have an eligible current account plus either a qualifying savings account or mortgage with Nationwide. Your qualifying current account

will need to have been active on March 31 this year.

If you have a mortgage as your other qualifying account, this too must have been held on March 31. If you have a savings account instead, you must have had a minimum of £100 across one or

more personal savings accounts or cash ISAs at Nationwide, at any point during March 2025.

There are additional rules depending on which qualifying accounts you have. You can read the full qualifying rules on the Nationwide website.

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