Latest news with #FlexBasic
Daily Mirror
12-05-2025
- Business
- Daily Mirror
These Nationwide customers may get extra £100 next month
Nationwide is expected to hand out its latest round of 'fairer share' bonuses to millions of members Nationwide is expected to dish out its latest round of £100 bonuses to eligible members next month. The world's largest building society has given out these "Fairer Share" payments to millions of members over the past two years. While 2025 bonuses are yet to be confirmed, Nationwide said earlier this year it hoped to be able to hand out the money again. And in February Martin Lewis ' Money Saving Expert (MSE) team explained who it thought had the best chances of getting the cash. In previous years announcements confirming the Fairer Share bonuses have been made in May, with the money then landing in accounts in June. In 2024 Nationwide confirmed it would share "our profits with nearly 4 million of our members", adding: "The Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us." At that time, Nationwide outlined the criteria for eligibility, stating members would need "need a qualifying current account plus either qualifying savings or a qualifying mortgage. And they would have needed to meet this criteria when we last checked on 31 March 2024." Most members who received the 2024 bonus were paid between June 13 and June 28 last year. To increase your chances of bagging the bonus this year, MSE said in February it would be a good idea to your account in good standing until at least March 31 and to make sure the account was actively used during the first three months of this year. Eligibility varies based on the type of account you hold. For those with a FlexAccount, FlexBasic, FlexDirect, you need to deposit at least £500 in two of the first three months of 2025 and make two payments from your account, or you'll need to make 10 or more payments from your account over this same period. MSE said this second method was used as criteria in 2024 but not in 2023. MSE further explained: "For those with a FlexPlus packaged account: Just paying the fee counts. For those with a FlexOne, FlexGraduate, FlexStudent account: Make a payment IN or OUT of your account in March 2025. Payments can include debit card transactions, Direct Debits, bank transfers and standing orders (but not transfers to other Nationwide accounts you have)." In addition to these steps, you'll also need to have at least £100 in savings, or owe at least £100 on a mortgage with Nationwide, in March 2025, according to MSE. However, this is all just based on previous criteria and there are "no guarantees".
Business Mayor
12-05-2025
- Business
- Business Mayor
Nationwide members who are 'most likely' to get £100 bonus
Nationwide may well be about to distribute millions of £100 'fairer share' bonuses to customers who meet certain criteria. The world's biggest building society made these payments in 2023 and then again last year. While the free cash has not yet been confirmed for 2025, Nationwide said earlier this year that it hoped to repeat the bonuses. An announcement is expected to be made this month. And back in February the team at Martin Lewis' Money Saving Expert (MSE), outlined how Nationwide members could 'max their chances' of receiving the payment. MSE said any payments would likely be made in June. Last year, Nationwide said it would be 'sharing our profits with nearly 4 million of our members,' adding that the 'Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us.' At the time Nationwide explained the criteria: 'Members will need a qualifying current account plus either qualifying savings or a qualifying mortgage. And they would have needed to meet this criteria when we last checked on 31 March 2024.' In 2024, most members received their payments between June 13 and June 28 and MSE suggested those most likely to get the cash this year, if the scheme runs again, should have had their accounts open until at least March 31. People were also advised to actively use the accounts during the first quarter of 2025. Previous eligibility criteria has also differed, depending on which type of account is held. FlexAccount, FlexBasic, and FlexDirect holders were required to deposit a minimum of £500 in two of the first three months of the year and make two payments from your account, or you'll need to make 10 or more payments from your account over this same period. The MSE article highlighted that this second option was a benchmark in 2024 but not in 2023. MSE guidance further explained: MSE further explains: 'For those with a FlexPlus packaged account: Just paying the fee counts. For those with a FlexOne, FlexGraduate, FlexStudent account: Make a payment IN or OUT of your account in March 2025. Payments can include debit card transactions, Direct Debits, bank transfers and standing orders (but not transfers to other Nationwide accounts you have).' In addition to these steps, MSE said you'll also need to have at least £100 in savings, or owe at least £100 on a mortgage with Nationwide, in March 2025, according to MSE. However, it said this was all just based on previous criteria and there are 'no guarantees'. READ SOURCE
Metro
24-04-2025
- Business
- Metro
Nationwide shares major update on £100 customer bonus payout date
If you bank with Nationwide, you could be due a windfall in the next few months — a welcome prospect for those in need of a cash boost. The building society operates as a mutual rather than a traditional bank, meaning it's owned by and run for the benefit of its members. As such, Nationwide shares profits among account holders (rather than shareholders) as part of its Fairer Share Payment initiative, with almost 4 million customers nabbing a £100 bonus last summer. 'The Fairer Share Payment is our way of rewarding those members who choose us for their everyday banking as well as having savings or a mortgage with us,' the bank said in a statement. The exact details of Nationwide's next one-off payout have yet to be revealed, but recently announcement offers a major update on the timeline. And ahead of the Board's official decision, last year's eligibility criteria gives us an idea of what to expect this time around. The bank's financial results are due to be shared with the public on Thursday May 29, along with an announcement on the Fairer Share Payment. A Nationwide spokesperson tells Metro: 'Nationwide's Board will decide on a Fairer Share payment for 2025 and it will depend on our financial performance. 'That assessment will be made after our financial year end, with the eligibility criteria for this year being agreed then too. The decision will be announced as part of our full year results in May.' Last year, bonuses were deposited into members' accounts between June 13 and June 28, so if the scheme does go ahead – which Martin Lewis's Money Saving Expert said is a 'likely' outcome – you'll probably have a few months to wait before you receive any cash. However, all the hard work was done for customers in previous payouts, so you shouldn't need to make a claim or request the money yourself. If it's confirmed and you think you qualify but haven't heard anything from Nationwide by June, get in touch. And don't forget to stay aware of fraudulent attempts at obtaining your personal information to apply for the payment. Assuming the scheme comes with the same prerequisites as it did for 2023-2024, to be in the running, customers must hold both a qualifying current account as well as a qualifying savings or mortgage account. Each of the bank's current accounts were eligible, providing certain criteria are met. The first of these is that the account was open on March 31, the end of the financial year — although those who switched accounts between January 1 and March 31 were exempt from any additional requirements. Otherwise, Nationwide explained that FlexAccount, FlexDirect or FlexBasic holders must have either received £500, made two payments from their account, or completed at least 10 payments out of the account between January and March to qualify. Meanwhile, FlexPlus account holders must have paid their monthly fee, and FlexOne, FlexStudent or FlexGraduate customers need to have made at least one payment in or out during March. Those with investment accounts and stocks and shares weren't included in the criteria, but savings account holders qualified if they had a minimum of £100 in total across Nationwide personal savings accounts or cash ISAs at the end of any day in March. More Trending When it came to mortgages, customers must have owed at least £100 on their residential mortgage with the building society on March 31. Home loans through subsidiaries such as The Mortgage Works, UCB Home Loans Corporation Limited, or Derbyshire Home Loans Limited are excluded from the bonus, as are commercial mortgages and those not completed by March 31. If you're not sure whether you fit the bill, you can use Nationwide's eligibility checker to work it out (although be aware this criteria may change for 2025). View More » A version of this article was first published on December 12, 2024. Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ MORE: Mum-of-two took own life 'after mortgage payments shot up by £500 a month' MORE: The £400 mistake new parents make — and how to avoid it MORE: Supermarket own-brand cheddar cheese officially crowned better than Cathedral City and Davidstow
Daily Mirror
23-04-2025
- Business
- Daily Mirror
Nationwide customers could soon get free £100 bonus weeks after £50 'thank you' payment
Last year, a total of £385million was paid out to 3.85 million customers after Nationwide building society announced profits of £2billion Millions of Nationwide customers could soon receive a free £100 payment, with details expected to be confirmed next month. The building society has paid out its Fairer Share bonus for the last two years in a row. It is all dependent on how much profit Nationwide has made, with its next full-year financial results expected on May 29. There should be confirmation on whether another Fairer Share bonus is coming will be made on this day. Last year, a total of £385million was paid out to 3.85 million customers after the building society announced profits of £2billion. The bonus payments were made between June 13 and June 28 - so it is likely customers would have to wait until June again to get the money, if another round is confirmed. Not every customer will likely be eligible to get the bonus. Last year, you needed to have a Nationwide current account that was opened on or before March 31, 2024. FlexAccount, FlexBasic and FlexDirect account holders needed to have paid in at least £500 and made two payments in two of the first three months of the year, or made at least ten payments out of the account. FlexOne, FlexGraduate, FlexStudent account holders needed to have made a payment in or out of the account in March 2024. FlexPlus packaged accounts were also eligible and the only criteria was that you had to have paid the account fee. But as well as having one of these qualifying current accounts, you also needed to have a savings account or mortgage with Nationwide. Last year, the savings account need to have a balance of at least £100, or you must have owed at least £100 on a mortgage with Nationwide. It comes after Nationwide recently paid a separate £50 thank you bonus following its takeover of Virgin Money. Get the best deals and tips from Mirror Money The building society paid out £600million to over 12 million members who had a savings or current account, or mortgage, at the end of last September. You must needed to have made at least one transaction through your current account or savings, or had a balance of at least £100 in your current account, savings or mortgage, in the 12 months to the end of September 2024. Your account or mortgage must also still be active at the time the payment is made. Nationwide announced its intention to acquire Virgin Money in March 2024 and the deal was completed in October 2024. The acquisition was approved by a judge at a specialist court after 90% of Virgin Money shareholders backed the scheme at a vote early last year. Debbie Crosbie, Nationwide CEO, said: 'Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers. 'The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible. It's another of the very real benefits of being a member of Nationwide and our modern mutual model.'
Yahoo
12-02-2025
- Business
- Yahoo
The bank accounts with the biggest switch bonuses and cashback offers
For the past two years, Natwest customers have a chance of receiving a £100 bonus – depending on how they've used their accounts in the first three months of the year. The bank is likely to continue its £100 "Fairer Share" bonus scheme this year, but as previously, it may only let customers know if they're due a payment in May or July. With this in mind, consumer champion website Money Saving Expert has offered some tips on how to maximise your chances to qualify for a £100 payout. It advises existing customers not to close their current account, at least not until 31 March, and to either pay in at least £500 and make at least two payments out of their FlexAccount, FlexBasic, or FlexDirect accounts during the three month period. Based on 2024's rules, making 10 or more payments out of your account would also qualify you, although there are no guarantees for this year. Those with FlexPlus packaged accounts don't have to worry, as paying the fee should be enough, while people with FlexOne, FlexGraduate, and FlexStudent accounts only need to make a payment in or out in March to qualify. Finally, Money Saving Expert says customers should ensure they have at least £100 in savings or owe at least £100 on a mortgage with Nationwide in March 2025. Everyone likes free money, so here's a guide on all the banks that offer cash payouts to customers. Plus some expert guidance at the bottom on what you should consider before making any potential switch. Not only is Nationwide likely to continue its Fairer Share bonus, it also offers £175 free to newcomers switching to its FlexDirect account. It offers 5% interest on up to £1,500 held in the account for the first 12 months, and up to £5 a month cashback on debit card spending. You will have to use the Current Account Switch Service (CASS) to qualify for the bonus, and, according to Which? magazine, will have to switch a minimum of two active direct debits, deposit £1,000 and make one debit payment within 31 days. First Direct offers a £175 "welcome bonus" to new customers, with no monthly fee and a £250 interest-free overdraft for its 1st Account. However, it's important to take note of the small print, as anything borrowed over £250 will be subject to 39.9% EAR. Again, you'll need to use the CASS service to qualify, switch over at least two direct debits or standing orders, deposit a minimum of £1,000 into the account within 30 days of opening and register and log-in to online banking. As Which? points out, the bonus is only available to new customers who haven't been signed up with First Direct previously. Those who held an HSBC current account on or after 1 January 2018 also won't be eligible. You can get £100 when you switch to a TSB current account and then earn an extra £10 each month for up to six months. If you stay with TSB until September 2025, the bank will give new customers the option of a hotel stay for two, cinema tickets, or NOW Entertainment Membership. In order to qualify for the Switcher Offer, you'll need to use CASS, log into the TSB mobile banking app, and make at least five payments with your new debit card before 14 March 2025. You can expect your £100 bonus between 28 March and 11 April 2025, TSB says. To qualify for cashback, you will need to complete the previous steps, and make at least 20 debit card payments each calendar month. Any cashback earned will be automatically paid into your account the next calendar month. As always, there's always something in the small print – if you've taken advantage of a switch incentive since 1 October 2022, you won't be eligible for TSB's bonus. You can receive up to £150 over four months for switching to the Co-operative bank Standard Current Account, including £75 for switching your current account and then £25 a month for up to three months. You will need to deposit at least £1,000 into your account within the first 30 days of completing the switch and have two or more direct debits on your new account. Customers will also have to make 10 or more card or digital wallet transactions, register for online banking or the Co-operative Bank's mobile app, and set up and keep active your new debit card in a digital wallet. If you meet all the criteria, you can expect to receive your £75 within seven days. You won't qualify if you've benefited from a Co-operative Bank switch incentive since November 2022. You can claim your £25 a month cashback after you receive the £75 payment. You will have to continue actively using your account each month by depositing £1,000 or more, making 10 or more card or digital wallet transactions (pending transactions will not count) and having two or more active direct debits. Santander Edge current account customers are offered 1% cashback on selected household bills paid by direct debit, capped at £10 each month, and 1% cashback on supermarket and travel spend on your debit card, again with a monthly cap of £10. The account charges a £3 monthly fee. This offer is raised to up to £15 a month for Santander Edge Up customers, who have to pay a monthly fee of £5. Monzo customers are eligible for cashback by buying from participating retailers. You can take advantage of this bonus by tapping the Home icon on the menu of the app, the "Plus" icon in the top right of the screen and then "Cashback with Monzo". There is a slight catch, however, as Monzo provides personalised offers by sharing data with its partners, including a year's worth of your spending history with the bank and ongoing spending activity, your age bracket and the first half of your postcode – so it depends how comfortable you are with this. Both Natwest and RBS pay their customers £4 for paying our two or more direct debits (worth at least £2) each month, plus £1 for logging into the mobile banking app each month, according to Which? The banks each offer up to 15% cashback on spending at participating retailers, too, provided you pay at least £1,250 into the Reward current account each month. Before you get too carried away, Alice Haine, personal finance analyst for online investment platform Bestinvest, has some words of advice. She says that while a switching bonus may be tempting, especially if the bank offers perks like fee-free spending overseas, better interest rates or a cheaper overdraft, "a short-term cash boost" may "quickly become worthless if your new account does not meet your everyday banking needs". If your existing bank offers good services, like a useful app, keeping in touch with you about regular or upcoming payments, spending trackers, preferential saving, borrowing and investment options, and so on, it could be "worth hanging on to" your account, Haine adds. You should think about whether you'll loose all of your existing perks. For example, if your current account offers interest on balances, then the long-term reward of switching might not be cost-effective. Sarah Coles, head of personal finance at Hargreaves Lansdown says that while it is "easy to have your head turned by a switching bonus", you should consider how you'll use your account and find one that "excels in the areas that matter most to you". Mythbusting 📢Switching your account? Easy-peasy! Our Service Guarantee means you can move with total peace of mind. 🔄✅ — Current Account Switch Service (@CurrentAcSwitch) January 23, 2025 "One key question will be whether you need a branch. If so, you will significantly limit your options, so consider this carefully. However, if you know you'll struggle without face-to-face service, then it may be worth the compromises you'll need to make elsewhere. "If you tend to hold a reasonable amount in your account and stay well away from your overdraft, you might want to look at accounts offering decent interest rates. "In some cases, you'll need to open a linked savings account and keep switching money over. If that sounds like more work than you can face, you could pick something offering interest on your balance. If you regularly dip into your overdraft by very small sums, look for an account with an overdraft buffer. "If you have a bigger problem with your overdraft, look for an account offering a lower rate. You also need to seriously address why this is, and what other solutions there are." Coles adds: "If you want to spend money overseas, look for an account offering fee free spending. Some will let you withdraw from an overseas ATM free of charge too. "If you don't need it to do anything else specific, you could opt for an account offering cashback when you spend on your debit card. They all tend to work differently, so check the small print, but you could get up to 1% back on all your spending." Customer service is another factor to consider, as some banks will have phone lines open for far longer than others, and some win awards for going the extra mile to help. Some accounts with a monthly fee also offer insurance perks in return, Coles says, advising people to think carefully about whether this would genuinely be worth it for them. Savers could be facing an unexpected tax bill - what does it mean for you and what are interest earning limits? (The Independent) Royal Mint 50p coin sells for 250 times face value on eBay (Swindon Advertiser) Santander UK profit slumps as questions remain over future of British arm (PA Media)
