Nationwide offering 'free' £175 after millions get £100 payout

Nationwide Building Society is offering £175 to people who switch, as 4.4 million eligible customers are set to receive £100 next month through its 'Fairer Share' scheme.

So, that's your takeaways sorted for the next month, or even a year's supply of your favourite streaming service (with ads).

To qualify for the renewed scheme, which kicked off from 21 May 2026, you'll need to open or already hold a FlexDirect, FlexAccount or FlexPlus account, and complete a full switch from another bank using the Current Account Switch Service.

A full switch means your old account is closed as part of the process - partial or manual switches do not qualify.

Account types:

• FlexAccount - a standard everyday current account and has no monthly fee
• FlexDirect - no monthly fee and offers one percent cashback on debit card spending for the first 12 months, as well as interest on balances up to £1,500
• FlexPlus - costs £18 per month and includes worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover, and fee-free card spending abroad

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How to get £175

Within 31 days of switching, you'll need to pay at least £1,000 into your new Nationwide account and make at least one qualifying debit card payment.

The £1,000 can include money transferred during the switch, but transfers from other Nationwide accounts or money already sitting in an existing Nationwide account do not count.

You must:

1. Switch from a non-Nationwide and non-Virgin Money current account using CASS
2. Have two active direct debits on the old account
3. Pay in £1,000
4. Make one debit card payment
5. Do steps three and four within 31 days
6. Complete the switch within 28 days

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When you get paid

Nationwide pays the £175 within 10 days after you meet all conditions.

Important small print

Existing Nationwide customers can still qualify by switching into an existing eligible account.

You can get the bonus up to twice, once for a sole account and once for a joint one.

Joint accounts only get one £175 payment and you cannot switch from another Nationwide or Virgin Money account.

Deadline

There is no confirmed end date but Nationwide say the scheme only available for a limited time.

Millions set to receive £100 next month

Nationwide will pay £100 to eligible customers in June 2026 through its ‘Fairer Share’ scheme.

Since it began in 2023, the building society will have returned about £1.5 billion to members and Nationwide says the payments reflect the benefits of being a mutual organisation where profits are shared with customers rather than shareholders.

Dame Debbie Crosbie, Nationwide’s Chief Executive, said: “More people than ever are choosing Nationwide. Our growth in mortgages, retail deposits and personal current accounts is leading the market, which means we can again make a Fairer Share payment to eligible members, and offer a new Member Exclusive Bond to all members.”

To get the 2026 Fairer Share payment from Nationwide Building Society, you must have a Nationwide current account and either £100 or more in Nationwide savings or a cash ISA, or a Nationwide mortgage with at least £100 owed.

However, you needed to have met these rules by 31 March 2026, as payments will start from 10 June to 30 June.