Martin Lewis has issued a caution to anyone contemplating closing under-utilised bank accounts. During his BBC podcast this week, the personal finance guru was asked by a listener whether they should close their unused current accounts due to potential impact on their credit rating.
The individual explained that they had opened several bank accounts at different times to gain access to various savings services, resulting in numerous redundant accounts. Mr Lewis reassured them that it should be acceptable to close these – however, in one instance he suggested they investigate whether they might qualify for a payment.
He clarified that Nationwide would soon be launching its scheme to reward customers with payments of £100. He said: “Nationwide is running its fairer share that it runs every year, and we’re getting close to the eligibility criteria for existing customers. But you also have to have either savings or a mortgage with them as well as a current account in order to get a payment which is £100 or £150.
“I don’t know the details for this year, they haven’t announced it. I’m basing it on what it’s done in past years, but i suspect it will be doing something similar.
“So if one were Nationwide, it would be having a look at the details of the fairer share scheme and what you can do to be eligible and then you might be able to get your £150 bonus on top.”
The Nationwide Fairer Share payment is a £100 cash bonus distributed by Nationwide Building Society to qualifying existing members, designed to share profits with customers rather than shareholders. Paid annually (in June/July) since 2023, it is not guaranteed and requires meeting specific criteria for holding current accounts, savings, or mortgages.
Whilst criteria have not been announced for 2026, typically people generally need to maintain a current account open until 31 March 2026, and meet specific account usage, such as receiving £500+ and making 2+ payments out, or completing a full switch.
People must have had at least £100 in savings with Nationwide at the end of any day in March 2025, or owed at least £100 on a Nationwide mortgage on 31 March 2025 – assuming it remains the same this year.
The money will be paid directly into your Nationwide current account between Wednesday 18 June and Friday 4 July and will appear on the statement as ‘Nationwide Fairer Share Payment’.
Nationwide has 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 incentive for people who transfer their current account to the building society. The payment is accessible when transferring from a non-Nationwide bank account to either a new or existing FlexDirect, FlexAccount or FlexPlus.
The switch must be initiated through the Current Account Switch Service and finalised within 28 days.
Account holders must also pay in a minimum of £1,000 and make one debit card transaction, either within 31 days of opening the account or when applying to switch into an existing one.
Numerous banking institutions provide their own switching incentives. Mr Lewis suggested that the chance to secure one of these bonuses represents a persuasive reason to shut down an inactive current account without delay.
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.”
For more information about the payment from Nationwide click here.
To listen to the full podcast click here.
