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.

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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.