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British people who bank with Nationwide Building Society now receive 5 percent cashback on their groceries in the supermarket.
From today until the end of April, the mutual provider pays cashback on both online and in-store spending when using one of its debit cards at both large and small supermarkets.
The cashback is capped at £10 per calendar month, per card, meaning members receive the monthly maximum by spending £200.
The offer will run until April 30 or once £99 million in cashback has been paid to members, whichever comes first.
It is available on all adult checking accounts, including FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, and FlexBasic. However, cashback is not available on the FlexOne youth account.
Cash back: Current account customers across the country will get 5% cashback on supermarket spend from today until April 30 – or until the mortgage bank pays out a total of £99m
Nationwide says its members automatically receive the cashback payment to the account used to make purchases.
Those who have provided their mobile phone number to the Association will receive an SMS alert after payment.
It is worth noting that the cashback does not qualify for money spent in gas stations, including gas stations and gas stations owned by supermarkets.
Nationwide says its new cashback offer is designed to support members coping with rising living costs.
Grocery stores are where the average person spends most of their spending, according to the research.
Last year, members made an average of over 54 million purchases per month, worth around £1 billion.
Tom Riley, director of retail products at Nationwide Building Society, said: ‘Food costs have risen sharply and many households are now thinking carefully about how and where they shop.
‘We help members with £10 a month cashback on supermarket expenses – just one of the benefits of a current account with the world’s largest building society.’
Current accounts with the best cashback offers
Nationwide says the cashback will be available to new customers who open a checking account while the offer is in effect.
However, the fact that the offer expires on April 30 means it may be of limited benefit.
Someone who makes full use of the cashback until the end of April can accrue a maximum of € 30 during that period.
Someone looking for a more profitable cash back card can consider the Santander’s Edge account.
For starters, it offers £200 cashback for easy switching. Participating members must set up two active direct debits, pay £1,000 and log into online or mobile banking to take advantage of this.
It offers cashback on both debit card spend and direct debits, with up to £20 per month available, although there is a monthly charge of £3.
There is 1 percent cashback on essential groceries and transportation-based debit card expenses. This is capped at £10 per month.
There is an additional 1 percent cashback on household bills paid by direct debit, including council tax, gas and electricity, mobile, fixed, broadband and paid TV packages. Again, this is capped at £10 per month.
However, in both cases, to earn the £10 cashback, customers must spend £1,000 per month in each category. This can be a tall order for some.
The £3 monthly fee is also unavoidable, so would-be switchers will need to bear this in mind as well.
To qualify for a Santander Edge checking account, customers must have a minimum of £500 credited to their account each month and at least two active direct debits.
Incentive: Santander offers switchers a bonus of £200 and up to £20 cashback per month
Another good option for anyone looking for a good cashback debit card is JP Morgan’s Chase, which launched in the UK in 2021.
This free app-based bank account offers a simple 1 percent cash back on spending for the first 12 months, though there are some exceptions.
So someone who spends £20,000 on this card during their first year can earn £200 in cashback over that time.
Of course, cashback isn’t the only factor people should look at when considering a new bank.
Many other benefits are often offered. For example, depreciation interest, excluding linked savings interest, overdraft limits and other benefits such as free cinema tickets.
In addition, and perhaps more importantly for some, there is the bank’s customer service to be reckoned with.
To help you decide, check out This is Money’s review of the best checking account offers available right now.
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