Nationwide customers can earn 5% cashback on their supermarket spending when shopping both online and in-store.
The deal, capped at £10 a month, is available to both new and existing customers who have a current account with Nationwide.
With food inflation hitting a record record 16.7% in January, this is certainly an attractive offer from Nationwide as households look to keep the cost of groceries low. Average households are currently paying around £788 a year more due to inflation, according to analytics group Kantar.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The deal runs from 9 February to 30 April - or until £100m has been paid back to consumers.
The deal will also be available to new members, but note it does end 30 April so there could be a better offer from a different provider if you are thinking about switching bank accounts.
For example, Santander’s Santander Edge account offers up to £20 cashback a month, including 1% cashback on up to £10 a month on essential grocery shopping and 1% cashback on household bills paid via direct debit. However the account does have a £3 monthly fee.
Santander’s 123 account also pays up to 3% on household bills, offering up to £15 cashback a month. Digital bank Chase also offers 1% cashback on all spending for the first 12 months.
Here’s what you need to know about Nationwide’s cashback offer.
Who is eligible for Nationwide’s 5% cashback offer?
If you have a FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate or FlexBasic account, then you can benefit from the cashback deal. It is not available on the FlexOne youth account.
The cashback is paid into your account within six weeks of the end of the calendar month when you reach a minimum £3.
If you’re signed up to text alerts, you will receive one once the payment has been made.
You can earn cashback when shopping at most major supermarkets, including Aldi, Asda, Lidl, Sainsbury’s, Tesco, Morrisons and Waitrose. Smaller retailers are also included - see Nationwide’s website for a full list of eligible supermarkets and convenience stores.
You will not receive cashback when shopping at petrol stations, including supermarket owned petrol stations, service stations, pharmacies, or specialist stores such as bakeries and butchers.
New members who open a FlexPlus, FlexDirect, or FlexAccount current account between the deal’s availability period will also be eligible.
-
What will the unravelling of US-China trade mean for the economy?What will a US-China decoupling mean for the global economy?
-
Scottish Mortgage: why we’re turning to private companies and China for exceptional returnsWhen it comes to delivering growth, Scottish Mortgage will stop at no end in its hunt for exceptional long-term returns - this includes China, unicorn companies and sectors such as space exploration
-
Act now to bag NatWest-owned Ulster Bank's 5.2% easy access savings accountUlster Bank is offering savers the chance to earn 5.2% on their cash savings, but you need to act fast as easy access rates are falling. We have all the details
-
Moneybox raises market-leading cash ISA to 5%Savings and investing app MoneyBox has boosted the rate on its cash ISA again, hiking it from 4.75% to 5% making it one of top rates. We have all the details.
-
October NS&I Premium Bonds winners - check now to see what you wonNS&I Premium Bonds holders can check now to see if they have won a prize this month. We explain how to check your premium bonds
-
The best packaged bank accountsAdvice Packaged bank accounts can offer great value with useful additional perks – but get it wrong and you could be out of pocket
-
Bank of Baroda closes doors to UK retail bankingAfter almost 70 years of operating in the UK, one of India’s largest bank is shutting up shop in the UK retail banking market. We explain everything you need to know if you have savings or a current account with Bank of Baroda
-
How to earn cashback on spendingFrom credit cards and current accounts to cashback websites, there are plenty of ways to earn cashback on the money you spend
-
John Lewis mulls buy now, pay later schemeThe CEO of John Lewis has said the retailer will consider introducing buy now, pay later initiatives for lower-priced items.
-
Paragon raises rate on one-year fixed cash ISA to 5.75%Paragon Bank ups its one-year fixed cash ISA rate to 5.75% - is it enough to top the table?
