Nationwide Sets New Banking Requirement—Here’s What You Need to Know

Nationwide Building Society has issued a warning to customers who do not deposit at least £1,000 per month into their accounts, urging them to take action to avoid losing certain benefits. The announcement has left many account holders wondering if they are at risk of being affected by the policy.

The banking giant is reminding customers that failing to meet this threshold could result in missing out on key account perks, including cashback offers, interest rates, or fee-free banking. This comes as banks across the UK review their eligibility rules in response to rising costs and changes in customer banking habits.

Who Is Affected?

Customers with Nationwide current accounts that offer benefits such as cashback, rewards, or reduced fees must deposit at least £1,000 each month to maintain those perks. Those who don’t meet the requirement may see changes to their account terms, loss of benefits, or even additional charges.

This rule particularly affects customers who use their Nationwide account as a secondary or savings account, rather than as their primary banking option for receiving salaries or pensions.

Why Is Nationwide Enforcing This Rule?

Banks and building societies regularly set minimum deposit requirements to encourage account activity and ensure that customers actively use their accounts. With the financial sector adjusting to rising operational costs and shifting customer behaviors, policies like these help banks maintain their services while ensuring that accounts are being used for day-to-day banking rather than sitting inactive.

What Should Customers Do?

If you bank with Nationwide and don’t meet the £1,000 monthly transfer requirement, there are a few steps you can take:

• Check your account terms to see if your current banking plan is affected.
• Set up a standing order from another account to meet the deposit requirement.
• Consider switching your salary or pension payments to Nationwide if you want to maintain account benefits.
• Look for alternative account options if you don’t meet the threshold but want to avoid potential charges.

What Happens Next?

Nationwide has encouraged customers to review their banking activity and make adjustments if needed before any changes take effect. If you’re unsure whether this applies to you, it’s best to check your latest account statements or contact Nationwide directly for clarification.

As banks across the UK continue to tighten their policies, customers should stay informed and ensure they meet deposit requirements to avoid any unexpected account restrictions.