Millions of Nationwide customers will miss out on the £100 promised by the bank and building society.
Around 3.4 million Nationwide Building Society members will be entitled to a share of the £340million cash post.
The mutual lender has launched the Nationwide Fairer Share – a new reward for millions of its members who meet certain eligibility criteria.
Payments will be sent out automatically to account holders between June 13 and June 30.
Nationwide will start to inform eligible members about the payment as of May 19 and Friday, May 26.
The Society said it hopes as many members as possible will become eligible for the reward, and it intends to make the payment annually.
However, millions of customers will miss out on the free cash because they don’t qualify.
To be eligible, members will need to hold a qualifying current account, plus either a qualifying saving or mortgage product.
In addition, you will need to have held the account on March 31 to be eligible and still have the account open in June.
Even those who have saved with the building society for years will miss out if they don’t have a Nationwide current account as well.
Should I switch banks?
If you’re not happy with your bank then you could switch and even be paid to do so.
Several banks are offering free cash to new customers who transfer to one of their accounts.
Remember to check all the terms and conditions and that the accounts works for you.
For example, some accounts require that you pay in a certain amount a month. Or if you require an overdraft, check the charges first.
Here’s what just some of the banks are offering.
NatWest and RBS
- £200 cash, up to £5 a month in rewards, 1% cashback on spending with partner retailers
Customers switching to the NatWest Reward or RBS Reward current account get £200 in cash and £4 a month so long as you pay out two or more direct debits for £2 or more.
You can earn an extra £1 each month you log in to the app.
- £175 cash, access to a savings account paying 7% and an interest-free £250 overdraft
Switch using the Current Account Switch Service, deposit £1,000 within three months to get £175 free cash.
You can only benefit from the offer if you’ve never had any sort of account, loan, mortgage or other First Direct product.
If you’ve opened a current account with HSBC on or after 1 January 2020, you also can’t apply.
- No free cash, earn 5% on your balance for the first 12 months, interest-free overdraft for 12 months
Nationwide’s FlexDirect account is online so you won’t be able to do your banking in a branch or over the phone, you’ll need to use the website or app.
If you have money in your account, the 5% interest rate is better than the best buy savings rate so well worth it.
It’s paid for the first 12 months on balances up to a maximum of £1,500.
- No free cash, 1% cashback on household bills paid by direct debit and essential spening up to £10 a month
This account has a few catches – there’s £3 a month fee and you’ll have to pay in £500 at least every month.
You’ll also need a minimum of two direct debits set up on the account.
There’s exclusive access to a linked savings account that pays 4% interest.
- No free cash, 1% cashback on all spending for a year
American bank Chase came to the UK relatively recently.
The generous 1% cashback on absolutely everything you spend on your debit card is designed to woo new current account customers.
If you open the current account you’ll automatically get access to a linked savings account paying 3.1%.
- £150, £3 fee unless you deposit £2,000 monthly
Savers can switch from any current account to Lloyds but must do so by July 17 to avoid missing out.
The free cash will be paid within three days of switching.
However, there is a catch as the Club Lloyds Bank Account comes with a monthly fee of £3 unless you pay in at least £2,000 every month.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]