Nationwide £100 bonus returns – here’s how to get it

Nationwide is once again paying £100 to millions of its customers, with this year’s Fairer Share payment set to land between 18 June and 4 July.

The building society has also launched a £200 switching offer for members who don’t already use Nationwide as their main bank, along with a fixed-rate bond paying 5% interest for 18 months.

Here, Which? explains who qualifies for the bonus, how to claim the switch deal and what else is available to members.

If you're thinking of switching to any of the accounts mentioned in this article, make sure you refer to the particular terms and conditions of the deal to make sure it's right for you.

How the Fairer Share payment works

Nationwide’s Fairer Share scheme returns money directly to members who meet certain criteria, and use the building society for banking and saving.

This year, more than four million customers will receive £100 each, with a total of £1bn being paid out.

Payments will be made automatically between 18 June and 4 July to those who qualify. The money will appear in your current account as Nationwide Fairer Share Payment. 

If you hold more than one eligible account, it will go to the most recently opened one. Joint-account holders who both meet the criteria will receive £100 each.

Nationwide reported profits of £2.3bn for the 2024-2025 financial year and says it can share some of this through the bonus as it is member-owned rather than shareholder-led. Last year, it paid out £340m to 3.4 million members through the same scheme.

• Find out more: best bank and bank accounts 2025.

Who's eligible for the £100 bonus

To receive the money, you must hold one of the following Nationwide current accounts and meet the qualifying criteria for each:

• FlexPlus You must have been paying the account’s monthly fee.
• FlexAccount, FlexDirect or FlexBasic You must have received at least £500 into the account and either made two or more outgoing payments, or 10 or more transactions in two of the three months from January to March 2025.
• FlexOne, FlexStudent or FlexGraduate You must have made at least one incoming or outgoing transaction in March 2025.

You’ll also need to have had either:

• A Nationwide savings account or cash Isa with at least £100 in it
• A Nationwide mortgage with at least £100 outstanding.

All qualifying products must have been open on 31 March 2025. Nationwide has an eligibility checker on its website to help members confirm whether they will get the payment.

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Is the £100 bonus taxable?

Yes. The £100 Fairer Share payment is treated as savings income, so it counts towards your personal savings allowance.

This means basic-rate taxpayers can earn up to £1,000 in interest before tax is due. 

For higher-rate taxpayers, the limit is £500 and additional-rate taxpayers don’t get a savings allowance, so they will need to pay tax on the full amount.

• Find out more: tax on your savings explained.

How members can get £200 to switch

Nationwide is also offering a £200 switching bonus – but only to existing members who weren't already using a Nationwide account as their main current account.

To qualify, you’ll need to:

1. Be an existing Nationwide member as of 31 March 2025
2. Use the Current Account Switch Service (CASS) to move a non-Nationwide account
3. Set up at least two active direct debits
4. Within 31 days of account opening or applying to switch into an existing account, pay in at least £1,000 and make one debit card payment

You must switch into one of the following current accounts:

• FlexPlus A paid-for account with insurance and breakdown cover (£18 a month). We rated it a Best Buy packaged account, awarding it the highest score.
• FlexDirect Offers interest on balances and an interest-free arranged overdraft for 12 months. This scores 61% in our expert analysis, a middling result.
• FlexAccount A fee-free everyday current account

If you already have one of these accounts, you can still qualify by switching another provider’s account into it. The £200 will be paid within 10 working days of your switch completing.

You won’t be eligible if you’ve previously received a Nationwide switching bonus since 2021. 

Other banks are also offering bonuses to switchers of up to £180, in the case of Santander, and you don't have to be a member or customer to qualify.

• Find out more: best bank account switching deals 2025.

Member-exclusive 5% savings bond

Nationwide has also launched a new fixed-rate bond for existing members, offering 5% AER over 18 months.

At the time of writing, this easily beat the best 18-month fixed-rate savings account on the open market, which paid 4.45%.

Nationwide's bond is open to anyone who held a Nationwide current account, savings product or mortgage on 22 May 2025 and still does at the time of applying. 

The maximum you can deposit is £10,000, and the account can be opened online, in a branch or through the app.

A deposit of £10,000 would earn £762.50 in interest by the end of the 18-month term. Interest is paid annually and at maturity.

• Find out more: best savings rates 2025.

Is Nationwide a good provider?

Nationwide achieved a customer score of 81% coming fifth out of 20 providers in our annual survey of the best bank and bank accounts 2025.

It received five stars for its online banking service and four stars for its mobile banking app, contacting customer service and its customer service in general, as well as its branch service. It received three stars for its telephone service. 

Although it achieved excellent customer scores, its product scores were below average, preventing it from being made a Which? Recommended Provider. 

The building society has also pledged to not leave any town or city in which it's branches are based until at least 2028.

• Find out more: is your local bank branch closing?