Britain’s biggest building society Nationwide is giving away £200 free cash to customers as part of a new bank account switch offer.

In 2023, Nationwide launched its Fairer Share rewards scheme which saw around 3.4 million customers receive a £100 payment.

This rewards scheme is set to return in 2024 with customers to receive another £100 between June 13 and 28.

Last year the building society also gave customers £200 free cash as part of an account switch offer.

How to save money

If you missed the £200 offer last year, don't worry, it's back again in 2024 and here's how you can claim the free cash.

How to get £200 free cash from Nationwide as part of new offer

To claim the £200 free cash all you have to do is switch your non-Nationwide bank account over.

Although you must meet the following criteria, according to the Nationwide website, to claim the free money:

  • Be an existing qualifying Nationwide member as of March 31, 2024
  • Switch a non-Nationwide bank account with at least two active Direct Debits to Nationwide
  • The switch must be done online
  • Close your non-Nationwide bank account when you switch. Make sure you select 'Yes' when asked 'Do you want us to close your old account?'
  • Ask to complete your switch within 28 days

You will also only be able to claim the £200 if you switch to a Nationwide FlexAccount, FlexPlus or FlexDirect account.

Nationwide adds: "If you already have one of these bank accounts, you can still switch over your non-Nationwide bank account and get £200 if you log in to our Internet Bank."

You will not qualify for the £200 if you have claimed a Nationwide account switch offer since August 18, 2021.

If you're still not sure whether or not you're eligible to claim the £200 when you switch accounts, you can double check via the Nationwide website here.

If you qualify, the £200 will land in your account within 10 calendar days of your switch completing.

Nationwide said switching bank accounts was "simple" and should be done within seven working days.

RECOMMENDED READING:

  • Nationwide to pay free £100 bonus to millions of UK customers
  • Nationwide's 'not closing our branches' ad is misleading and banned by watchdog
  • The nearly 400 UK locations where the last bank branch has closed in past 2 years

The building society said: "Switching your bank account is designed to be simple, reliable and stress-free.

"You can switch in just 7 working days, and our dedicated team will move over your payments, balance and even your payees."

For more information on the £200 offer or switching accounts, visit the Nationwide website.