Nationwide Fairer Share: How to maximise your chances of getting a free £100 in 2025

Last year, a total of £385 million was paid to 3.85 million Nationwide members; the year before that it was £340 million to 3.4 million people.

This £100 Fairer Share payment is completely separate to the one-off £50 bonus being paid next month to over 12 million Nationwide customers as a 'thank you' following the building society's takeover of Virgin Money.

See below for what you'll need to do to get the payment if you're an existing customer. If you're not an existing customer, we've got full details on how to get it by switching.

Nationwide customer? What you should do depends on your account AND how you used it in January or February this year

Assuming the building society keeps the same criteria as previous years (there are no guarantees, but it's a decent bet):

1. Firstly, don't close your Nationwide current account. Well, at least not until 31 March 2025.
   
   AND...
   

2. Secondly, you must have used your account within the first three months of this year. For this step, what you'll need to do to qualify depends on which current account you have, so:
   
   – For those with a FlexAccount, FlexBasic, FlexDirect account:
   
   EITHER...
   
   Before Monday 31 March, pay IN at least £500 (this could be your salary, for example) AND make two payments OUT of your account. You must have also done this in either January or February – if you didn't, you may still be able to qualify by switching;
   
   OR...
   
   Before Monday 31 March, make 10+ payments OUT of your account. Again, you must have also done this in either January or February – if you didn't, you can try to qualify by switching.
   
   – For those with a FlexPlus packaged account:
   
   Just paying the fee counts.
   
   – For those with a FlexOne, FlexGraduate, FlexStudent account:
   
   Make a payment IN or OUT of your account in March 2025.
   
   Payments OUT can include debit card transactions, Direct Debits, bank transfers and standing orders (but not transfers to other Nationwide accounts you have).
   
   AND...
   

3. Finally, ensure you have at least £100 in savings OR owe at least £100 on a mortgage with Nationwide by the end of this month. If you don't have either of those, stick £100 (or maybe £200 to be safe in case it changes its terms) into one of its savings accounts before Monday 31 March.
   
   A good option could be Nationwide's Flex Regular Saver – this is one of our top picks for regular savings and pays 6.5%, more than standard easy-access accounts. It's designed for you to pay in up to £200 a month for a year, but you don't have to – you could just make one deposit and withdraw it later (the account allows up to three penalty-free withdrawals a year).

Not with Nationwide? Get £175 to switch to it before Monday 31 March

Nationwide currently pays newbies switching to its FlexDirect account a FREE £175, plus 5% interest on up to £1,500 held in the account and up to £5 a month cashback on debit card spending for a year. Other banks also pay up to £175 to switch, but Nationwide's strong combination of perks makes it a good all-rounder.

Some existing Nationwide customers may also be able to get the £175 bonus by switching a non-Nationwide current account to their already open Nationwide FlexAccount, FlexPlus or FlexDirect account. But you won't be eligible if you've previously switched your account to Nationwide or had a switch bonus from Nationwide since 18 August 2021.

Even if you don't qualify for the £175, provided Nationwide keeps the same eligibility criteria as previously, it's far easier to get the Fairer Share payment by switching. Here's what we expect you need to do:

1. Firstly, complete your switch to Nationwide FlexDirect by 31 March 2025. You must use the official Current Account Switch Service by requesting the switch through Nationwide (you'll see the option to do this when applying). Switches normally take seven working days, so you should still have enough time if you're quick. For more info, see our bank switching need-to-knows.
   
   AND...
   

2. Secondly, stick £100 (or £200 to be even safer) into a Nationwide savings account OR owe at least £100 on a Nationwide mortgage in March 2025. As set out above, a good option could be its Flex Regular Saver – this is one of our top picks for regular savings and pays 6.5%, more than standard easy-access accounts. It's designed for you to pay in up to £200 a month for a year, but you don't have to – you could just make one deposit and withdraw it later (the account allows up to three penalty-free withdrawals a year).

For alternative bank switches, including £175 and 7% regular savings with First Direct, see our Best bank accounts guide.

Any payment will likely be treated as savings income for tax purposes

In 2023 and 2024, the £100 Fairer Share payment was taxable savings income, so it was treated in the same way as any interest you earned on your savings account or current account.

If this happens again, the majority won't have to pay tax on the reward as, thanks to the personal savings allowance, basic-rate taxpayers can earn £1,000 a year from savings interest tax-free. However, if you're a higher- or additional-rate taxpayer and/or you have a substantial amount in non-ISA savings, you may have to pay tax on the bonus.

For those who don't file self-assessment returns to pay their taxes each year (which is most people), then you won't need to do anything as Nationwide will report the bonus to HMRC automatically for you.

However, if you do pay tax through the self-assessment system, you will need to include any payment in your tax return.

Watch Martin's savings interest video for full details on who pays savings tax, how you pay it if you owe it and, crucially, how to (legally) reduce the amount of tax you pay.