Until the end of April you’ll earn money back by spending with your debit card.
If you’ve got, or open, a Nationwide current account this new offer will earn you up to £30 per account.
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How can you earn 5% cashback from Nationwide?
5% cashback is a great rate to earn back on spending, and you’ll get it when you use your Nationwide debit card to spend at the supermarket. It’ll work via Apple Pay and Google Pay too. However it won’t work if you go via a third party such as PayPal.
The offer starts 9.30am on Thursday 9 February and lasts until 30 April 2023 or once £99 million has been earned by customers, whichever is sooner.
There’s no need to activate the offer – just start using your debit card.
How much can you make?
You’ll be capped at £10 of cashback a month per card. To earn this you’d need to spend £200 in a calendar month. Since it’s running just for February, March and April the most you’ll make is £30 per card.
However, if you have a joint account you’ll both be able to double up and earn the £10 per card. And if you have more than one account with Nationwide you will also be able to earn money back via each debit card.
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Where can you earn cashback?
Sadly it’s not on all your spending, just your groceries at both online and in-store supermarkets. All the big chains are there, along with smaller retailers like Abel & Cole and One Stop. The full list is available here.
There are exclusions, which won’t earn you cashback even if they’re linked to a supermarket chain. These include:
- petrol stations (fuel or groceries) including supermarket-owned petrol stations
- service stations
- pharmacies
- in-store concessions e.g opticians, cafes etc or any independent/third-party butchers, bakeries and other specialist stores
- wholesale stores
- delivery companies (e.g. Deliveroo)
Which accounts will earn cashback?
To qualify for the offer you need to have a Nationwide current account. Here are all the eligible accounts:
- FlexDirect
- FlexPlus
- FlexAccount
- FlexStudent
- FlexGraduate
- FlexBasic
If you have one of these already you’re good to go. Otherwise you’ll need to open one up.
You won’t earn the money back via the FlexOne account for those under 18 or any Nationwide credit cards.
When will you get the cashback?
The money back isn’t instant. It’ll be paid to your account within six weeks of the month end. So whether you spend in early February or at the end of the month, it’ll be with you by the middle of April. Of course it could come earlier, but be prepared for a wait.
Is it worth getting a Nationwide account for this offer?
Andy’s Analysis
This is a great perk for those who have and use a Nationwide current account, and it beats the savings you’ll get from any other cashback card right now.
But we are only talking about a maximum of £30 for most people. Perhaps more if you have additional Nationwide accounts in your household.
So no, don’t open an account just for this deal.
But it’ll be interesting to see if the building society run similar offers after this. In which case it could be a good account to have on hand.
Hello, Will we get the cash back if we buy gift cards?
Thanks
Just wondering, Andy. Are you going to use this Nationwide deal yourself, or are you still using Vectis, which gives you 5% off at Sainsburys?
The condition that this is limited by a total amount of £99 million by Nationwide is odd and concerning. What is in place to stop people spending in the expectation of cashback and then being told sorry “this promotion has cost us more than we expected so we ain’t paying”!