Martin Lewis shared some tips around bank accounts (Image: Getty)
Martin Lewis has urged Nationwide customers to check if a bonus payment is heading their way. The consumer advocate shared several tips around bank accounts on his BBC podcast.
Mr Lewis spoke about a range of things to consider, such as the different types of savings account you can go for and when you should close a current account. One fan of the show had a question about their situation, as they had ended up with several current accounts, which they had opened to access a regular saver accounts.
Regular savers are a great way to grow your cash if you can afford to put away a few hundred pounds a month. These accounts offer high rates, with many currently on the market paying 7 percent or more.
However, you are limited as to how much you can pay in each month. You often need to also open a current account with the same provider to access the account. The top rate is with Principality Building Society, which pays 7.5 percent fixed for six months. You can pay in up to £200 a month, so you could earn up to £26 in interest over the six-month term.
Nationwide Building Society offers it Flex Regular Saver, at a variable rate of 6.5 percent. You can pay in up to £200 each month over a 12-month term, so you could get up to £84.50 in interest over the year if the rate stays the same.
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The listener explained that in their case, each of the regular savers had matured and they were not using the respective current accounts any more for their daily business. They asked if it would be best to close the current accounts or if there is any reason to keep them open.
In response, Mr Lewis weighed up how closing the accounts could affect the person’s credit score. He issued a word of caution that the account holder may want to hold fire on shutting one of the accounts if it was with Nationwide.
‘We’re getting close’
The expert set out why: “Nationwide is running its Fairer Share scheme that it runs every year. We’re getting close to the eligibility criteria for existing customers. You also have to have either savings or a mortgage with it, as well as a current account, in order to get the payment, which is £100 or £150.”
Nationwide has issued payments through the Fairer Share scheme over the past three years, a programme where the mutual shares out its profits with members. There has been a payment each year, each time for £100, with millions of customers getting the amount.
More than four million people received the bonus cash in 2025, paid out in June and July. You needed to have a qualifying current account plus either a savings account or a mortgage with the group. You also needed to have had certain account activity in January 2025, February 2025 and/or March 2025, depending on what combination of accounts you had.
You can read the full terms and conditions for last year’s payment on the Nationwide website. Mr Lewis said the details have yet to be confirmed for this year’s bonus.
He said:”I don’t know the details for this year, they haven’t announced it, I’m basing it on what they’ve done in past years but I suspect it will be doing something similar. So if one of them is with Nationwide, have a look at the details of the scheme, and what you can do to be eligible, and you might get your £150 bonus on top, or whatever it is this year.”
May date for bonus payments
Asked previously for an update on this year’s Fairer Share payment, Nationwide 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 decision will be announced as part of our full year results in May.”
Nationwide is also currently offering a £175 payment if you’ll switch your current account over to them. You can get the cash when switching from a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount or FlexPlus.
You need to request the switch using the Current Account Switch Service and get this done within 28 days. Customers also have to pay in a minimum of £1,000 and make one debit card payment, either within 31 days of account opening or applying to switch into an existing account.
Many bank providers have similar switch offers. Mr Lewis said the prospect of bagging one of these bonuses is one reason you may want to close a dormant current account sooner rather than later.
He said: “You might be eligible for a new customer offer again in a few years’ time once you’ve had this closed. So you may as well close it in case they do a new customer offer and in four years’ time, you count as a new customer again, whereas by keeping it open you wouldn’t count as a new customer.”
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