Nationwide has launched a cashback offer where current account holders can earn money back on supermarket spending until 30th April 2023. The offer is running for a limited time and is available for new and existing Nationwide current account holders.
In this article, we look at how much cashback you can earn, who is eligible and how the offer compares to other cashback accounts.
How much cashback can be earned?
Nationwide current account holders can earn 5% cashback on eligible supermarket spending up to a maximum of £10 per month. In order to get the full £10 cashback you would need to spend £200 on your grocery shopping each month. However, despite the cashback being capped at £10 per month, those with joint Nationwide accounts can each qualify for the 5% cashback, meaning couples could get up to £20 cashback on their supermarket spending.
Who is eligible for the 5% cashback?
In order to be eligible for the Nationwide cashback offer you need to hold or open a Nationwide FlexPlus, FlexDirect or FlexAccount. You can also earn cashback if you have a Nationwide FlexStudent current account.
If you have an existing Nationwide account you can simply earn the cashback by spending on your debit card, no registration is required. If you aren't currently a Nationwide customer, you can open a Nationwide account and benefit from 5% cashback as soon as you start spending using your debit card.
Which purchases are eligible for the cashback?
Purchases made via your Nationwide debit card for supermarket spending are eligible for the 5% cashback offer. Purchases can be made online, in-store or via contactless, Apple Pay and Google Pay. Nationwide will pay the cashback on certain transactions depending on how they are categorised by Visa. Transactions have to be categorised as either 'Grocery stores and Supermarkets' or 'Convenience Store' by Visa to be eligible and Nationwide has no control over the categorisation of the cashback. As a result, the cashback that you receive will vary depending on the transactions that you make.
Below we show examples of eligible shop purchases:
|Abel & Cole||Londis|
|Aldi||Martin's or McColl's|
|Fortnum & Mason||Sainsbury's|
|Go Local||Select & Save|
|Healthy Direct||Snappy Shopper|
|Iceland||Whole Foods Market|
|Lidl||Wiltshire Farm Foods|
Which purchases are not eligible for the cashback?
Below we show examples of card purchases that are not eligible for the Nationwide cashback offer:
|Petrol stations||In-store services at supermarkets e.g supermarket café|
|Service station stores||Specialist independent stores (e.g bakeries/butchers)|
|Supermarket concessions (e.g Argos inside a Sainsbury's)||Wholesalers|
|Telecoms and financial services providers (including those owned by supermarkets)||Delivery companies (e.g Deliveroo)|
When is the cashback paid?
Cashback earned on your Nationwide current account is calculated monthly and paid within 6 weeks of each calendar month. You can view your cashback total by logging in to Nationwide mobile or internet banking or alternatively you can find the cashback on your paper bank statement. Nationwide says that those who are signed up to receive messages via text message will receive a notification if the cashback amount earned is over £3.
How does Nationwide compare to other cashback accounts?
In the following comparison table, we compare Nationwide's cashback offer to Chase Bank and Santander Edge current accounts which also offer cashback on your spending. Additional information can be found in our article, 'Best current account switching offers, cashback and incentives'.
Nationwide vs alternative cashback current accounts
|Nationwide||Chase Bank||Santander Edge|
|Cashback amount||5% on supermarket spending||1% on everyday spending||1% on household bills
1% on essential spending
|Monthly account maintenance fee||No fee except £13 a month for a FlexPlus account||No fee||£3|
|Maximum monthly cashback amount||£10 (£20 for joint account holders)||N/A||£10 cap on household bills and essential spending|
|Restrictions||Offer valid until 30th April 2023||Cashback only valid for the first 12 months of spending||A minimum of £500 must be deposited into the account each month
Need to pay at least 2 direct debits from the account