The skilled shared a number of tips on the right way to get the most effective checking account for you
Martin Lewis shared some ideas round financial institution accounts (Picture: Getty)
Martin Lewis has urged Nationwide clients to examine if a bonus fee is heading their method. The patron advocate shared a number of ideas round financial institution accounts on his BBC podcast.
Mr Lewis spoke a few vary of issues to contemplate, such because the various kinds of financial savings account you’ll be able to go for and when it’s best to shut a present account. One fan of the present had a query about their state of affairs, as they’d ended up with a number of present accounts, which they’d opened to entry a daily saver accounts.
Common savers are an effective way to develop your money if you happen to can afford to place away just a few hundred kilos a month. These accounts supply excessive charges, with many presently available on the market paying 7 p.c or extra.
Nonetheless, you might be restricted as to how a lot you’ll be able to pay in every month. You usually must additionally open a present account with the identical supplier to entry the account. The highest charge is with Principality Constructing Society, which pays 7.5 p.c mounted for six months. You’ll be able to pay in as much as £200 a month, so you may earn as much as £26 in curiosity over the six-month time period.
Nationwide Constructing Society presents it Flex Common Saver, at a variable charge of 6.5 p.c. You’ll be able to pay in as much as £200 every month over a 12-month time period, so you may stand up to £84.50 in curiosity over the yr if the speed stays the identical.
The listener defined that of their case, every of the common savers had matured they usually weren’t utilizing the respective present accounts any extra for his or her each day enterprise. They requested if it might be finest to shut the present accounts or if there may be any purpose to maintain them open.
In response, Mr Lewis weighed up how closing the accounts may have an effect on the individual’s credit score rating. He issued a phrase of warning that the account holder could need to maintain fireplace on shutting one of many accounts if it was with Nationwide.
‘We’re getting shut’
The skilled set out why: “Nationwide is working its Fairer Share scheme that it runs yearly. We’re getting near the eligibility standards for present clients. You additionally must have both financial savings or a mortgage with it, in addition to a present account, so as to get the fee, which is £100 or £150.”
Nationwide has issued funds via the Fairer Share scheme over the previous three years, a programme the place the mutual shares out its earnings with members. There was a fee every year, every time for £100, with hundreds of thousands of consumers getting the quantity.
Greater than 4 million individuals obtained the bonus money in 2025, paid out in June and July. You wanted to have a qualifying present account plus both a financial savings account or a mortgage with the group. You additionally wanted to have had sure account exercise in January 2025, February 2025 and/or March 2025, relying on what mixture of accounts you had.
You’ll be able to learn the complete phrases and situations for final yr’s fee on the Nationwide web site. Mr Lewis stated the small print have but to be confirmed for this yr’s bonus.
He stated:”I do not know the small print for this yr, they have not introduced it, I am basing it on what they’ve executed in previous years however I think it will likely be doing one thing comparable. So if considered one of them is with Nationwide, take a look on the particulars of the scheme, and what you are able to do to be eligible, and also you would possibly get your £150 bonus on prime, or no matter it’s this yr.”
Might date for bonus funds
Requested beforehand for an replace on this yr’s Fairer Share fee, Nationwide stated: “Nationwide’s Board will determine on a Fairer Share fee for 2026 and it’ll depend upon our monetary efficiency. That evaluation can be made after our monetary yr finish, with the eligibility standards for this yr being agreed then too. The choice can be introduced as a part of our full yr leads to Might.”
Nationwide can also be presently providing a £175 fee if you happen to’ll swap your present account over to them. You may get the money when switching from a non-Nationwide checking account to a brand new or present FlexDirect, FlexAccount or FlexPlus.
It’s essential to request the swap utilizing the Present Account Swap Service and get this executed inside 28 days. Prospects additionally must pay in a minimal of £1,000 and make one debit card fee, both inside 31 days of account opening or making use of to change into an present account.
Many financial institution suppliers have comparable swap presents. Mr Lewis stated the prospect of bagging considered one of these bonuses is one purpose you might need to shut a dormant present account sooner slightly than later.
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He stated: “You may be eligible for a brand new buyer supply once more in just a few years’ time as soon as you’ve got had this closed. So you might as effectively shut it in case they do a brand new buyer supply and in 4 years’ time, you depend as a brand new buyer once more, whereas by protecting it open you would not depend as a brand new buyer.”
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