MILLIONS of Nationwide customers have just days left to find out if they have bagged £100 free cash.
The major bank is expected to reveal the bonus, which four million customers will be eligible for, in its company results this Thursday.
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It will be the fourth year running that the bank will make the pay out under its Nationwide’s Fairer Share programme.
The scheme sets out to reward customers who bank with the lender or meet certain lending criteria.
But some Virgin Money customers who became Nationwide members following its takeover earlier this year will have to wait until next year to get their hands on the money.
The details of this year’s payment, such as when it will be paid will also be revealed later this week.
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In the past, customers needed to have at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide by March of that year.
Meanwhile, mortgage holders must have must have owed at least £100 on their Nationwide residential mortgage by the end of the same month.
Customers have previously received notice of the £100 payment via the Nationwide banking app, post or email.
The payment usually shows up as “Nationwide Fairer Share Payment” on bank statements.
Plus, Nationwide is not the only bank giving away free cash.
First Direct is giving new customers £200 when they move to the bank, while Santander is giving newbies a free £180
Should I open an account with Nationwide?
Nationwide has said that it intends to make the payment annually as long as the Society continues to perform well financially.
While this means that similar payments may well be made in the future, there is, of course, no guarantee.
And there are lots of things to consider before you open a new bank account.
Remember to check all the terms and conditions and that the accounts work for you.
For example, some accounts require a monthly payment of a certain amount or may charge a monthly maintenance fee.
Or, if you require an overdraft, check the charges first.
It’s also worth weighing up whether the benefits of an instant cash boost outweigh the benefits of choosing a bank or building a society that offers better savings and mortgage rates.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
