09 Feb 2023

Nationwide announces £100 million supermarket cashback to help members with rising living costs

  • Current account members receive 5% cashback on supermarket spend from 9 February
  • Up to £10 per month returned to members just for shopping as normal on essential groceries
  • Latest initiative from the Society to support its members with the rising cost of living

Nationwide Building Society is giving current account members1 £100 million of cashback in supermarkets2 - the mutual’s latest cost of living support for its members.

The 5% cashback applies to both online and instore spending made using a Nationwide debit card at both large and small supermarkets3 between 9 February and 30 April4. The cashback is capped at £10 per calendar month, per card, meaning members will receive the monthly maximum by spending £200.

Data from Nationwide’s Spending Report shows that supermarkets were the top category for spending during the last year, with members making more than 54 million purchases a month, on average, amounting to around £1 billion.

Members will automatically receive the cashback payment into the account used to make purchases5. Those who have provided the Society with their mobile phone number will receive a text alert following the payment6.

The cashback offer is part of Nationwide’s drive to support members coping with rising costs. The Society operates a dedicated freephone cost-of-living hotline (0800 030 40 66), is helping members struggling with overdraft and credit card debt and has streamlined support for those worried about rising rates on their mortgage repayments (see section below for full breakdown).

Tom Riley, Director of Retail Products at Nationwide Building Society, said: “Food costs have risen sharply and many households now think carefully about how and where they shop. We’re helping members with £10 a month cashback on supermarket spending – just one of the benefits of having a current account with the world’s biggest building society.”

The cashback will also be available to new members opening a current account during this time. Qualifying accounts include:

  • FlexPlus: A market-leading7 packaged account (£13 a month). Benefits include worldwide family travel insurance, worldwide family mobile phone insurance, UK and European breakdown cover and commission-free usage abroad.
  • FlexDirect: An online account paying 5% AER interest, offering an interest-free overdraft for the first 12 months.
  • FlexAccount: An everyday bank account where members can bank online and in branch for no fee.

Nationwide cost of living support:

  • Cost of living helpline: A freephone cost-of-living hotline (0800 030 40 66) aimed at encouraging members facing into financial hardship to seek help at an early stage. Financial health checks are also being offered in branch, over the telephone and via video.
  • Overdrafts: Members displaying signs of historically struggling with their overdrafts are benefitting from a six-month interest free period, helping them back on track by enabling them to repay their overdraft. 
  • Credit cards: Members on a Persistent Debt plan, who had previously spent more in fees, charges and interest than they have paid back over a period of at least 18 months, have automatically had their interest rate reduced to 9.9% APR to help them see more of their repayments go toward paying their full balance sooner.
  • Mortgages: Nationwide has extended forbearance support for members struggling to meet their payments but not yet in arrears by making it as easy as possible to apply for support via its Mortgage Manager tool, which allows borrowers to review their terms and consider payment options.
  • Debt support: Nationwide is encouraging struggling members not yet in arrears to get in touch as soon as possible so support can be considered for their needs. An Income and Expenditure portal enables members to detail their finances so that the right level and type of forbearance can be considered by Nationwide’s Money Worries team.
  • Support: Nationwide has given an additional £1 million to support partner debt organisations and charities, including StepChange, PayPlan, Money Advice Trust and more – reflecting the additional pressure these organisations are under and reflecting the value they bring.

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Notes to editors

1 Cashback is available on all adult current accounts, including FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate and FlexBasic. Cashback is not available on the FlexOne youth account.

2 Cashback is not payable on spend in petrol stations (fuel or groceries) including supermarket owned petrol station, service stations, pharmacies, in-store concessions e.g opticians, cafes etc or any independent/third party butchers, bakeries and other specialist stores or wholesale stores.

3 A list of eligible supermarkets & convenience stores can be found at - nationwide.co.uk/supermarket-list

4 The cashback is available on supermarket purchases until 30 April 2023 or when £100 million cashback has been paid to members, whichever is the sooner.

5 Cashback payment will be made within six weeks of the end of the calendar month when the cashback was accrued.

6 Provided they earn a minimum of £3 cashback

7 Source: MSE - Packaged Bank Accounts: best paid-for deals - MoneySavingExpert and Which? - Best packaged bank accounts - Which?