Martin Lewis warns Nationwide customers check £100 | UK News

Martin Lewis has issued a warning to anybody considering closing under-utilised bank accounts. During his BBC podcast this week, the personal finance guru was requested by a listener whether or not they need to close their unused current accounts due to potential influence on their credit score.

The particular person explained that they’d opened a number of bank accounts at different instances to gain access to varied financial savings providers, ensuing in quite a few redundant accounts. Mr Lewis reassured them that it must be acceptable to close these – however, in one occasion he advised they examine whether or not they may qualify for a fee.

He clarified that Nationwide would soon be launching its scheme to reward customers with funds of £100. He said: “Nationwide is running its fairer share that it runs every year, and we’re getting close to the eligibility criteria for existing customers. But you also have to have either savings or a mortgage with them as well as a current account in order to get a payment which is £100 or £150.

“I do not know the small print for this 12 months, they have not announced it. I’m basing it on what it is accomplished in past years, but i suspect it is going to be doing one thing comparable.

“So if one were Nationwide, it would be having a look at the details of the fairer share scheme and what you can do to be eligible and then you might be able to get your £150 bonus on top.”

The Nationwide Fairer Share fee is a £100 money bonus distributed by Nationwide Building Society to qualifying current members, designed to share earnings with customers slightly than shareholders. Paid yearly (in June/July) since 2023, it’s not assured and requires assembly particular standards for holding current accounts, financial savings, or mortgages.

Whilst standards haven’t been announced for 2026, usually people usually need to keep a current account open until 31 March 2026, and meet particular account usage, such as receiving £500+ and making 2+ funds out, or finishing a full swap.

People must have had at least £100 in financial savings with Nationwide at the end of any day in March 2025, or owed at least £100 on a Nationwide mortgage on 31 March 2025 – assuming it stays the same this 12 months.

The money can be paid immediately into your Nationwide current account between Wednesday 18 June and Friday 4 July and will seem on the assertion as ‘Nationwide Fairer Share Payment’.

Nationwide has said: “Nationwide’s Board will decide on a Fairer Share payment for 2026 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 determination can be announced as half of our full 12 months outcomes in May.”

Nationwide is also currently offering a £175 incentive for people who transfer their current account to the building society. The payment is accessible when transferring from a non-Nationwide bank account to either a new or existing FlexDirect, FlexAccount or FlexPlus.

The switch must be initiated through the Current Account Switch Service and finalised within 28 days.

Account holders must also pay in a minimum of £1,000 and make one debit card transaction, either within 31 days of opening the account or when applying to switch into an existing one.

Numerous banking institutions provide their own switching incentives. Mr Lewis suggested that the chance to secure one of these bonuses represents a persuasive reason to shut down an inactive current account without delay.

He said: “You is likely to be eligible for a new buyer offer again in a few years’ time once you’ve got had this closed. So it’s possible you’ll as properly close it in case they do a new buyer offer and in 4 years’ time, you depend as a new buyer again, whereas by protecting it open you would not depend as a new buyer.”

For more info about the fee from Nationwide click on right here.

To pay attention to the full podcast click on right here.