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There are several ways to maximise your consumer power and cash in
There’s a limited opportunity for the financially savvy to get paid almost £800 – just for being a customer.
Admittedly, there are a few caveats, and it’s not exactly money for nothing – but it is a way to get extra cash for banking essentials you probably need anyway.
Here, Telegraph Money explains the steps you need to take to cash in on the Nationwide deals.
You might need to get in quick with this one, as the offer could be taken away at any time.
For now, eligible switchers – who cannot have received a Nationwide switching bonus since August 18 2021 – will get £175 for moving to Nationwide’s FlexAccount, FlexDirect or FlexPlus.
Should you opt for FlexDirect, there’s a chance to make even more. For the first 12 months, you can earn 5pc interest for the first 12 months on a balance up to £1,500 – should you maintain this for the full year, you can add another £75 to your money-making balance.
In addition, you can earn up to £60 in cashback during this time, as it offers 1pc on debit card spending up to £5 a month.
You’ll need to make the switch using the Current Account Switch Service (Cass), and include at least two direct debit payments as part of the move.
The beauty of using the Cass system is that the switch is all done for you, and should be completed in seven working days. Just follow these steps:
Once your new account has been set up, there are some further steps you need to take to secure the cash. Within 31 days of requesting the switch, you’ll need to pay in at least £1,000 (transfers from other Nationwide accounts don’t count), and make at least one transaction using your new debit card.
While it’s never worth going for a mortgage based on rewards alone, should one of Nationwide’s fixed-rate deals work for you, then £500 cashback is a nice bonus.
It’s available for first-time buyers and those remortgaging to Nationwide, and is paid within one month of mortgage completion.
If you’re one of the thousands of homeowners with a tracker mortgage, and are reconsidering your options now that it seems the Bank Rate is going to take longer to fall, you might be looking to switch to a fixed-rate deal.
According to UK Finance, the banking trade body, there are 643,000 homeowners with tracker mortgages and 679,000 on a standard variable rate – these variable-rate deals can usually be switched at any time.
If you’re on a fixed deal and it’s not yet time to renew, you’re probably better off staying put, since leaving early will likely cost you early repayment charges and exit fees.
Before making any decisions, it may be worth asking a mortgage broker to find the best deals for you, as other providers may be a better fit.
It’s also worth noting that Nationwide’s deals are not currently market-leading, and come with product fees.
Nationwide’s “Fairer Share” annual payment has been awarded to eligible customers for the past two years and, while it hasn’t been guaranteed for 2025, it’s something the bank intends to continue to offer.
This year, the payment was £100, paid out between June 13 and 28.
The money is the bank’s way of giving customers (or, as it calls them, “members”) a share of its profits as a reward, and an incentive to stay for the long term.
There are several qualifying checks carried out to decide whether or not you can get the payment.
These may change in future, but this year criteria included owing at least £100 on a Nationwide mortgage on March 31, having at least £100 in savings with a Nationwide savings account or cash Isa, and making at least 10 payments out of your current account between January and March of this year.