Millions of Nationwide Building Society customers will start to receive their £100 bonus payment this week.
The £100 bonus is part of the Building Society's Fairer Share Payment scheme which rewards those members who bank with them.
To be eligible for the payment, customers need to have a qualifying current account, with a mortgage or savings account with Nationwide.
The current account must have been opened on or before March 31, 2024.
Nationwide said eligible customers should have been contacted by May 31.
A total of £385million will be paid to 3.85 million customers, after the building society announced profits of £2billion in the last tax year.
Nationwide Building Society is offering a £200 current account switching bonus NATIONWIDE BUILDING SOCIETYPlease write at least 2 paragraphs
This is the second time Nationwide has made this kind of payment – last year, it paid a total of £340m to 3.4 million customers.
The £100 payment is taxable savings income, which will be treated in the same way as any interest that they earn on their savings account or current account.
This means most people won't have to pay tax on the reward, as the personal savings allowance means most people don't pay tax on savings.
For more details on qualifying current account, people can visit the Nationwide website.
In addition to the Fairer Share payment, Nationwide is also offering existing customers a free £200 to switch a current account from another provider to Nationwide.
Savers can switch to either Nationwide's FlexPlus, FlexAccount or FlexDirect account to access the free £200 but it should be noted that this deal will likely only be available for a limited time.
The building society said: "The process is straightforward and you can switch in just seven days. You choose the date you switch, which must be completed within 28 days of you requesting it.
"We take care of moving your balance and payments, but you do need at least two active direct debits.
"Make sure you tick the box to close the account with your existing provider and you are all done.
"You could receive the £200 within 10 days of the full switch being completed, and it will be paid into the account you switch to."
Savers can get the bonus even if they already have a current account with Nationwide by requesting the switch through their online banking.
Nationwide are also offering a fixed-rate savings account paying 5.5 per cent on up to £10,000 for 18 months.
This beats the current top one-year and two-year fixes, which pay up to 5.16 per cent and 5.06 per cent respectively, according to MoneySavingExpert.com.
The fixed-rate saver is available to anyone who had a Nationwide current account, savings account or mortgage account on May 22, 2024 (and still has one at the time of applying for the new savings account).
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Last month, TotallyMoney's CEO Alastair Douglas urged savers to make sure they were getting the most favourable deal with their bank as possible.
He said: "Double check your rate and make sure your money’s working for you. Loyalty doesn’t pay, and if your bank isn't paying you, then they’re making money from you.
"Don’t be worried about moving your balance to a smaller bank either, as long as they’re registered with the Financial Services Compensation Scheme, £85,000 of your money should be covered.
"If you’re struggling to save, then consider downloading a personal finance app which can let you connect an account via open banking.
"It should give you better insights into your finances, so you can avoid missing payments, dipping into your overdraft, or impacting your credit score. That way you can cut back on costly mistakes, and start moving forward."
