Overview
- Nationwide issued the clarification after a customer queried minimum pay‑in rules on social media.
- Customers can earn up to £75 by holding the £1,500 maximum throughout the year, and no interest is paid on balances above that cap.
- Interest is based on the daily closing balance, calculated on the last day of each month and credited on the first day of the next.
- The promotional 5% rate is fixed for 12 months and then reverts to a variable 1% AER (0.99% gross).
- A separate £175 switching bonus is available via the Current Account Switch Service with two active direct debits, completion within 28 days, and required pay‑in and card‑spend, bringing potential returns to £250 for eligible customers.